Shiba Inu Cryptocurrency Crashes More Than 40% From October Highs

Shiba Inu token has been the hot crypto in town! With a massive rally seen in price seen in October, the ‘hodlers’ of SHIB were optimistic that the uptrend would continue.

After all, Shiba Inu hit consecutive all-time-highs in October and also surpassed it’s rival Dogecoin to become the ninth most valuable cryptocurrency in the world.

Why Is SHIB Crashing?

However, now a wave of uncertainty has hit the popular Shiba Inu cryptocurrency fans. After the news that just 10 ‘whale wallets’ are holding more than 72% of the supply of Shib, the coin price has begin to plunge.

Shiba Inu is owned by 872,382 wallets in total. But guess what? Ten wallets amongst them own 72% of all SHIB tokens. This is an alarming nuymber because these ten ‘whales’ technically hold the power to move the price of the cryptocurrency.

Also, coupled with this news we had the news of the top 2nd whale selling its stake in the cryptocurrency.

As per data from Blockchain Forensics firm Elliptic, there were four transactions in the wallet on Wednesday. Each of the transaction sent $695 Million SHIB to different wallet address totalling to $2.78 Billion.

Shiba Inu On Robinhood

This has sparked a fear among rhe SHUB community and investors are cashing out on their gains by selling their portoflio.

Shiba Inu is also rumored to get listed on Robinhood soon. This news caused the price of SHIB to rise but after there was no follow through on the news, the excitement came to a halt.

The coin was trading at $0.000050 Friday morning, down from its all-time high of $0.000088, according to data from CoinMarketCap.

P.S: Investing in cryptocurrencies is subject to higher than normal degree of risk. This is not a financial advice.

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