• Shiba Inu has taken a 3% hit today after a whale moved a large SHIB stack worth $28.7 million in the last 24 hours.
• The meme coin has reversed toward a decline and has already erased almost all the gains of the recent rally.
• The movement of whales could be a possible explanation for the coin’s sudden drop in value.
Today, the cryptocurrency world was taken by surprise when Shiba Inu (SHIB) suddenly plummeted. In a single day, the asset dropped from a high of $0.00000821 to a low of $0.00000722, wiping out nearly all of the gains it had made in the past five days. This sudden reversal was likely caused by a large whale moving a massive SHIB stack worth $28.7 million in the last 24 hours.
The meme coin had been riding an uptrend since the start of the year, with investors expecting to see the digital asset continue its positive momentum. Unfortunately, this was not the case and the asset soon found itself in a downward spiral. This shift in trend could be attributed to the large SHIB stack being moved by the whale, which likely introduced a large amount of selling pressure into the market.
At the time of writing, Shiba Inu is trading around $0.00000821, down 3% in the last 24 hours. This puts the coin at a year-to-date performance of only 1% profits, and 3% profits on a weekly basis. Dogecoin, Shiba Inu’s fiercest rival, is also only at marginally better gains of about 4% in this period.
It is still unclear why the whale has moved such a large amount of SHIB tokens and what the long-term implications of this move will be. For now, however, it seems that the asset’s value is likely to remain suppressed as investors remain uncertain of what the future holds. With that being said, it is also possible that the coin could once again make a comeback as investors start to regain their confidence in the asset.