Shiba Inu Plunges 14% in 24 Hours After Funds Moved From $5 Billion Wallet

The memecoin has dropped out of the top-10 market ranking and could see more losses soon.

learn more about Amanda Breen

By Amanda Breen

Following a big week of record highs, Shiba Inu coin (SHIB) has dipped 14% in 24 hours, losing its spot in the top-10 market ranking. The cryptocurrency's price began to decline earlier this week after a whale transferred more than $2 billion worth of the tokens.

The anonymous investor who moved the funds also made headlines last week as the person behind what some were calling "the greatest trade of all time." In a span of just one year, the investor's SHIB investment ballooned from approximately $13,000 to a whopping $5 billion. The wallet had been inactive for 192 days, and it was unclear if the owner would be able to access the funds.

Related: 'The Greatest Trade of All Time': $13,000 Worth of Shiba Inu Coin Bought Last Year Now Worth $5 Billion

But the owner has since made four transactions of exactly 10,000,000,100,000 SHIB tokens to four different wallets; each transaction was valued at around $586 million, more than $2.3 billion in total.

Prior to the $2 billion transfer, SHIB soared by more than 300% in only a few days, even surpassing Dogecoin (DOGE) — the original dog-themed memecoin of which SHIB is a spin-off — in market cap.

SHIB is currently trading at $0.00005623 and holds the eleventh position in the market.

The crypto world has seen its share of unfortunate flux in recent days. Earlier this week, a currency inspired by the hit Netflix series Squid Game turned out to be a scam. Despite numerous red flags, investors poured approximately $3 million into the coin before its anonymous creators drained the fund and vanished.

Related: 'Squid Game' Cryptocurrency Collapses, Scammers Vanish With Millions

Amanda Breen

Entrepreneur Staff

Features Writer

Amanda Breen is a features writer at She is a graduate of Barnard College and recently completed the MFA in writing at Columbia University, where she was a news fellow for the School of the Arts during the 2020-2021 academic year. 

Related Topics

Editor's Pick

The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid
Thinking of a Career Change? Here Are 4 Steps You Can Take to Get There.
A Founder Who Bootstrapped Her Jewelry Business With Just $1,000 Now Sees 7-Figure Revenue Because She Knew Something About Her Customers Nobody Else Did
Everything You Need to Know About Franchise Law
Business News

'I Don't Feel Like It's Unreasonable': A-List Actor Refused Service At Hotspot For Not Following Dress Code

Academy Award-winning actor Russell Crowe had quite the afternoon after trying to stop at a Japanese steakhouse in Melbourne, Australia following a game of tennis.

Business News

This Ghostwriter Made $200,000 Last Year Writing Tweets for Venture Capitalists

One man's side hustle makes him more money than his day job, and only costs him five hours a week of his time.

Business News

'Angry and in Shock': Fashion Label Orders Former Sales Reps to Return Commissions in Wake of Bankruptcy

The once upscale NYC-based fashion label went under in 2020. Now, former stylists are being ordered to return commissions earned prior to the company's collapse.


Why Interactive Content Will Boost Your Customer Loyalty

Interactive content provides a cost-effective way for businesses to enhance campaign participation, customer engagement, and loyalty, regardless of their size and budget.


The Benefits of Investing in Talent: How It Impacts the Music Industry and Beyond

The music industry's growth and success rely on supporting emerging artists, promoting diversity and fueling economic growth. Attending live shows, streaming songs and purchasing music are effective ways to support up-and-coming talent, fostering a vibrant and diverse musical landscape for the future.