Motley Fool

Why the Price of Shiba Inu Is Getting Crushed Today

As of 12:06 p.m. EDT today, the price of Shiba Inu (CRYPTO: SHIB) had dropped nearly 33% over the last day after investors feared that one of the token’s largest holders may dump its massive stake in the cryptocurrency. According to CoinDesk, an investor that owns 40 trillion Shiba Inu tokens that at one point were worth nearly $2.8 billion moved all of those holdings into new blockchain addresses, which are basically bank accounts for cryptocurrencies, stoking fears that the whale may sell its stake. With Shiba Inu having a market cap of roughly $28.6 billion, a sale of this magnitude would clearly be tough for the market to absorb.

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