According to CoinGecko data, the price has dropped 31.2% from its all-time high seven days ago and 10.8% in the last 24 hours as a result of the fluctuations.
The cost of Shiba Inu (SHIB) has dropped 11% following a series of trades from the whale wallet, which notably turned a $3,400 buy into $1.55 billion in August.
Some investors are concerned after the wealthy whale shifted $2.3 billion in SHIB to four distinct wallets.
Is it from a stolen wallet?
The whale sent four transactions totalling 10,000,000,100,000 SHIB to four distinct wallets on Tuesday. Each deal was valued at $586 million, for a total of $2.3 billion.
Given the dearth of activity in the wallet since last year, social media users theorised that the owner may have forgotten or lost their key after it was discovered.
However, with the whale reawakening, the transactions have sparked speculation that the holder is about to sell his tokens. Because the whale holds such a huge portion of the supply, any liquidation could result in a massive price drop.
“Shib would plunge -99.99% to zero if he wanted to sell these bags,” tweeted financial analyst Jacob Oracle.
Over the last year, the price of SHIB has increased by more than 94,278,239.8%
According to CoinMarketCap, the top ten wallets control about 72% of all Shiba Inu coins in circulation.
The whale’s original wallet still has almost $1.8 million in SHIB in it.