Shiba Inu falls after $2.3B of SHIB moved from whale wallet

The price of Shiba Inu has fallen 11% after a series of transactions from the whale wallet that famously transformed a $3400 purchase last August into $1.55B.

On November 2, the whale moved ten trillion, one hundred thousand Shiba Inu tokens to four separate wallets. Each transaction was worth approximately $586M USD, totaling about $2.3B USD.

After the wallet was first identified, social media users speculated that the owner may have forgotten or lost their key, given the lack of activity in the wallet since last year.

https://twitter.com/devchart/status/1455692819281158152?ref_src=twsrc%5Etfw

But with the whale waking up, the transactions have prompted some fear in the community that the holder is preparing to sell his tokens. The whale owns such a large percentage of the supply, that any liquidation could potentially prompt a massive price plunge.

“If he decided to sell these bags, SHIB would plummet -99.99% to zero,” tweeted financial analyst Jacob Oracle.

The movements sparked downward pressure on the price which has fallen 31.2% from its ATH seven days ago and 10.8% in the last 24 hours according to data from CoinGecko.

Read more: Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

The ownership of Shiba Inu is concentrated, with the top 10 wallets holding almost 72% of the coins in circulation according to CoinMarketCap.com.

The whale’s original wallet still currently holds over $1.8M worth of SHIB.