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The meme-based cryptocurrency Shiba inu price plummeted on Thursday. The digital token’s price decrease came after a crypto whale moved $2.3 billion worth of Shiba out of their wallet.

Shiba inu became the 9^th biggest cryptocurrency last week. The meme-based crypto dropped by 13.6% to $0.00005657 to $0.0005610 overnight.

The whale responsible over the price plummet is the second biggest holder of SHIB. The crypto trader moved over 40 trillion tokens from their wallet. The move is considered a precursor to a large sale.

The whale’s wallet had been inactive for quite some time. Traders thought that the holder lost the key to access his coins. However, the move proved not to be the case.

"If he decided to sell these bags, SHIB would plummet -99.99% to zero. Oof," Jacob Oracle, a financial analyst said on Twitter on Wednesday.

This isn’t the first time that a Shiba inu whale has caused a big price swing. In fact, the cryptocurrency surged over 20% to break a record after a SHIB holder bought 276.6 billion tokens in late October.

Meanwhile, Shiba inu is the 11^th largest crypto by market capitalization. SHIB reached $31 billion in market cap and has gained 570% in a month compared with a 20% increase in Bitcoin, the largest digital token by market value.

However, several investors are skeptical about meme-based crypto. Some traders believe that SHIB isn’t useful and has no use cases. For instance, Kraken, one of the biggest crypto exchanges suggested it might list the coin but canceled the move shortly after.