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 9th 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.