The second largest meme coin, Shiba Inu (SHIB), has gained close to 15 percent over the past day. However, it lost value on a 7-day basis. Here is one possible reason behind the Shiba Inu (SHIB) price drop of more than 26 percent in the last 7 days.
Mysterious Shiba Inu whale sells
The Shiba Inu (SHIB) may have slumped as the mysterious SHIB whale transferred 9.47 trillion SHIB worth $100 million to the market. As we reported as Kriptokoin.com, SHIB has lost more than 26 percent of its value in the last 7 days. Shiba Inu (SHIB), along with other major cryptocurrencies, has experienced heavy selling pressure since Monday. Bitcoin (BTC), the world’s largest cryptocurrency by market cap; responsible for this widespread selling in the global crypto market.
BTC has lost 30 percent of its value in the last 7 days. As such, it has potentially sent disastrous ripple effects to the wider cryptocurrency market. However, when it comes to SHIB, the mysterious whale; It also played an important role in driving down the value of the most popular dog-themed cryptocurrency.
Whale displaces $100M worth of SHIB
Etherscan.io shows SHIB whale transferred $100,046,191 ($100M) in three separate transactions on June 9-10 . Transfers were made to 2 anonymous wallets. This equates to 9.47 trillion SHIB in total. Thus, it turns out that the whale was responsible for the SHIB decline. The whale’s transactions are as follows:
- June 9, 2022 (Thursday): The mysterious SHIB whale executed two of its massive sell transactions. He transferred the popular dog-themed cryptocurrency worth $99.67 million to one of the unknown wallets.
- June 10, 2022 (Friday): Whale completed its third sale. He just sold $373,313 worth of Shiba Inu to another random unknown wallet.
Such an important sale of mystery whales; It put significant pressure on the world’s second-largest dog-themed cryptocurrency by market cap. SHIB is changing hands at $0.00000831, up 6.2 percent in the past 24 hours. However, the loss in the last 7 days is over 20 percent. The cryptocurrency, which is in the 15th place with a market value of 4.9 billion dollars; It has lost 31 percent in value in the last 30 days. The Shiba Inu last recorded an all-time high on October 28, 2021. The record level was $0.00008616. Given current prices, it seems to have dropped as much as 90 percent since then.
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