cryptopolitan.com
- Shiba Inu price dropped nearly 40% over the week.
- The mysterious wallet containing $5.7 Billion worth of SHIB has moved 60% of its assets to four unknown wallets.
- Shiba Inu price continues to be bearish, as the community is eagerly waiting for listing news from Robinhood and Kraken.
Shiba Inu is down 30% in the last 24-hours and nearly 40% in the last 7 days. The trending meme coin went up more than 770% in October, recording a new all-time high of $0.000086 on October 28th.
After receiving days of support in the $0.00006 area, SHIB prices took a quick downward turn on Tuesday, and it’s been bearish ever since. But what’s causing this dip?
SHIB is extremely volatile, even by general crypto standards. Shiba Inu’s trading volume is massive and it even took over Dogecoin’s market cap in the last days of October. So, why is this superstar meme coin suddenly spiraling downwards?
We believe that the current price dip is associated with the recent movement of the mysterious billionaire SHIB whale in the market. An unknown wallet holding $8000 worth SHIB in August, returned over $5 billion in October. Ever since then, the mysterious wallet had been quiet without any further movements in the market.
According to Etherscan data, this mysterious whale moved almost 60% of its SHIB assets to four different wallets, after 2 months of inactivity. This sudden move by the Shiba Inu whale has created FUD (Fear, Uncertainty, and Doubt) among the Shiba Inu investors.
Why does it matter?
The SHIB community have been closely following this mysterious whale to understand how the market might play out. We’ve also seen a lot of new investors come into the crypto market because of the Shiba Inu trend.
These investors are extremely fearful of the bear market and sudden movements like this. So, it’s highly likely that the mysterious wallet movement has a selling trend among a lot of investors, adding to the recent dip.
There are also rumours circulating all over social media that this mysterious whale could be Robinhood. Some rumours are claiming that Robinhood is trying to stir up the Shiba Inu market to ensure that the buying price is low when the popular US exchange lists SHIB.
Earlier today, Robinhood posted an Instagram story that in a way teased the SHIB community. It’s safe to say that Shiba Inu holders weren’t particularly happy about it, as the frustration grows over the speculation of Robinhood listing the trending meme coin.
However, it’s highly unlikely that these rumors are true, as there’s a lot of fake news recently regarding Shiba Inu, given its massive social media hype.
What’s next for Shiba Inu?
SHIB price remains bearish today, currently trading at $0.00005083. As Cryptopolitan analysts suggest, the next target is likely to get support at $0.00006. As with any cryptocurrency, news listings or whale movements can turn the market bullish.
Earlier this week, Kraken promised to list SHIB, which was later sidestepped by the popular crypto exchange platform. Kraken has released a statement indicating that they’re working hard on listing Shiba Inu, however, there is no official date or timeframe on this plate.
If major events like Kraken or Robinhood listing takes place, it can push the market quickly towards the bullish side. For now, the popular meme coin is still showing a downward trend in price, as the SHIB community eagerly waits for any positive news from the industry.