Spending $8000 to buy Shiba Inu from the end of 2020, ‘whales’ rush to take profits, causing ‘baby fish’ to panic

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2021-11-24 12:40:32

At that time more than a week ago, the world cryptocurrency community was excited by the news that a Shiba Inu (SHIB) investor became a USD billionaire after only 1 year of “playing coin” with an increase hundreds of thousands of times.

Accordingly, in August 2020, this person is said to have spent about 8000 USD to buy more than 70 trillion SHIB. This is also the time when this token is still quite anonymous and has a ‘cheap’ value. However, before the rapid price increase in May 2021 and October 2021, this ‘memecoin’ quickly entered the top 20 cryptocurrencies with the largest market capitalization.

As a result, from the initial investment of $8000, the value of this e-wallet has now reached $4.236 billion, at the time of writing this article.

Notably, as soon as the other wallet address was discovered, many social media users speculated that the owner of the wallet may have forgotten or lost the private key – the ‘key’ used to access the wallet. wallet. This speculation is made based on blockchain data, when the wallet address holding a huge amount of SHIB has not been active since last year.

However, this speculation was quickly quashed. On Wednesday, this anonymous investor unexpectedly made 4 transactions to transfer one token to another wallet address, with each order moving about 10 trillion SHIBA coins worth nearly 600 million USD.

Worth mentioning, this SHIB “super whale” wakes up after a period of “sleeping” making many retail investors feel anxious. Although it is just a move to move tokens from one wallet to another, many people still think that a big sell-off will happen with SHIB, in the event that the whale takes profits after more than 1 year of investment. .

Spending $8000 to buy Shiba Inu from until 2020, whales are busy taking profits, causing the fry to panic - Photo 2.

Due to possessing a large amount of SHIB (accounting for 16% of SHIB’s total supply), any sale by this anonymous investor will cause the value of SHIB to plummet dramatically – in accordance with market rules. , when supply has exceeded demand.

“If this investor decides to sell all his tokens, the value of SHIB will plummet by 99.99% to zero,” financial analyst Jacob Oracle wrote on Twitter.

In fact, although this hidden “whale” wallet has not yet executed any Shiba Inu sales, the token’s value has yet to return to its all-time high on October 28. Currently, the price of SHIB is $0.00005889, according to Coinmarketcap data at 2:40 p.m. on Nov. The market capitalization of this memecoin is 32.26 billion USD, while the daily trading volume is 11.75 billion USD.

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