Reason Behind Shiba Inu Price drop; Read Here

Shiba Inu News: Shiba Inu, the world’s second largest meme crypto is trading under massive selling pressure over the past few weeks. However, recent updates from the SHIB ecosystem have kept SHIBarmy morales high amid the recent crypto downturn.

Whale behind Shiba Inu coin price drop?

As per the LookonChain, a whale address moved around 200 billion Shiba Inu coin (approx worth $1.67 million) to Crypto.com on Monday. However, just after 5 hours of this mega transfer, Shiba Inu price dropped by big 7%.

Data depicts that Shiba Inu coin whales a good amount of money over this transaction. Tracker reported that the crypto whale bought around 15.29 Trillion SHIB tokens with 10 Ethereum (approx worth $3,795). This whale acquisition was recorded on August 7, 2020.

It added that the whale then made 1967 Ethereum (approx worth $7 million) by trading on SHIB on the Uniswap platform. The crypto whales went on trading Shiba Inu on Centralised exchanges after SHIB got listed on Binance, Crypto.com, and more.

LookonChain mentioned that the whale might have made a profit of more than $85 million. It highlighted that if the whale buys the Shiba Inu coin when it received the tokens and went to sell at the price when transferring out the same out amount of tokens.

Will SHIB price drop more ahead?

However, the whale is reportedly an expert in buying Shiba Inu at a lower price and selling them at a price surge. Meanwhile, the Crypto whale is still holding 3.33 trillion Shiba Inu Coin (approx worth $28 million).

On the market side, Shiba Inu price is down by 11% in the last 7 days. SHIB is trading at an average price of $0.000008, at the press time. Meanwhile, its 24 hour trading volume is up by 52% to stand at $196.7 million. However, Shiba Inu Coin is still the second largest meme token with a market cap of around $4.7 billion.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.