In the wake of the whale wallet transactions that converted a $3400 purchase last August into $1.55 billion, the price of Shiba Inu has fallen 11%, putting it at least two places behind Dogecoin, the pioneer meme coin.
As of November 2, the whale had transferred ten trillion, one hundred thousand Shiba Inu tokens to four wallets. There were three transactions totalling about $2.3 billion, each worth about $586 million.
As soon as the wallet was identified, users on social media speculated it may have been lost or forgotten, as there have been no transactions in the wallet since last year.
However, with the whale awakening, some in the community are fearing that the holder of the token is planning to sell it. A massive price plunge could be prompted by any liquidation by the whale, since it owns so much supply.
Data from CoinGecko shows that the price fell 10% for the day, 31.2% from its ATH seven days ago, as a result of the movements.
According to CoinMarketCap.com, the top 10 wallets hold almost 72% of the coins in circulation.
The Shiba Inu cryptocurrency was launched by an anonymous person last year and describes itself as a “decentralized meme token that has developed into a vibrant ecosystem.” It was made as a joke, much like the famous Dogecoin cryptocurrency, both created as jokes, in 2013.
Even though they were created as jokes, these meme coins have gotten the attention of billionaire Elon Musk. Musk has stated that he will place a physical Dogecoin on the moon and that it will trade for as much as $1.
Despite having the largest circulating supply of nearly 395 trillion Shiba Inu tokens, Musk does not own any of the tokens.