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.
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