40 Trillion Shiba Inu Coin Sent Back To an unknown wallet And Price Will Skyrocket Soon!!
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A crypto whale withdrew $2.3 billion worth of coins out of his wallet on Thursday, causing Shiba Inu to plummet in value. It was the latest twist in a rocky week that also saw a major cryptocurrency exchange delay the token’s launch. Shiba Inu, which temporarily surpassed dogecoin to be the ninth largest cryptocurrency last week, was last down 21 percent at $0.00005027, having plummeted to as low as $0.00004934 overnight.
First, let me tell you a little about Shiba Inu coin for those who do not know about it, both are represented by a lovely Shiba Inu dog as its mascot. Both cryptocurrencies have a massive circulating supply, but SHIB has a far bigger supply than DOGE, resulting in a per token price that is significantly lower than the price of the latter. Due to the fact that Shiba Inu is created on the Ethereum blockchain, it has a greater number of applications than Dogecoin, which is merge-mined with Litecoin.
This most recent leg down was spurred by news that the second largest holder of Shiba Inu has shifted as much as 40 trillion tokens from their wallet frequently considered as a prelude to a massive sell off. The wallet had been idle for some time and others assumed the user may have misplaced the key that they required to access it, however this proved not to be the case. This may have panicked individual investors and sparked the selloff. The whale of Shiba Inu has been recognized by crypto observers as the investor who transformed an initial investment of $8,000 in Shiba Inu into roughly $5.7 billion.
According to CoinMarketCap’s market capitalization statistics, the Shiba Inu has a market valuation of $29 billion, which places it 11th in terms of total market capitalization. It has increased in value by about 570 percent in a month, compared to a 20 percent increase in the value of bitcoin, the biggest cryptocurrency by market capitalization. Despite this, some investors are wary of the currency because they are not sure that it has any real-world applications. Earlier this week, a cryptocurrency exchange, Kraken, ruffled the feathers of the so-called SHIB Army by suggesting that it would list the coin, only to back down for the time being.
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