The price of Shiba Inu (SHIB) dropped nearly 10% yesterday following significant profit-taking by whales and controversy surrounding meme coin WATER and American singer Jason Derulo.

SHIB's decline may be due to whale selling

SHIB whales may be selling their shares following the recent decline in the cryptocurrency market. Data from Lookonchain shows that one whale wallet transferred its entire SHIB holdings of 1.08 trillion SHIB (worth $18.4 million) to Binance, potentially netting a profit of $8.3 million. This whale initially withdrew 1.08 trillion SHIB from Binance between November and December for an average price of 10.07 million USD.

If this whale wallet had sold during SHIB's annual peak in March, its total profit would have been around $29 million. SHIB's 54% decline over the past four months may have prompted this selling.

However, SHIB is currently trading near the key price level of 0.0000018 USD, where investors have purchased approximately 417.43 trillion SHIB tokens. Retrieving this price level could act as important support for this meme coin .

Data from Lookonchain also revealed that the team behind meme coin WATER may be selling off the token. WATER developers transferred 844.44 million WATER to 11 new wallets that did not participate in the token pre-sale. These wallets sold tokens, raising about 18,600 SOL worth 2.35 million USD.

SHIB Global In/Out Money

Cryptocurrency trader Wazz Crypto previously revealed that the WATER team was behind meme coin BEER, which fell more than 80% after insiders began selling off the token.

Meanwhile, popular artist Jason Derulo appears to be showing interest in cryptocurrency after several celebrity meme coin projects were launched in the past two months. A recent video on “cryptocurrency scam” that Derulo is said to have previously promoted.

A community note under Derulo's post reads:

“This user is a scammer and has participated in multiple coin pumps and dumps.”

Source: https://tapchibitcoin.io/ca-voi-shib-ban-ra-giua-tranh-cai-xung-around-meme-coin-water-va-ca-si-jason-derulo.html