Shiba Inu Coin (SHIB) plummets, and the market may face a wave of whale selling!
As Shiba Inu Coin (SHIB), a digital currency competing with Dogecoin, has failed to show sustained price growth momentum in the past three months, "whale" investors in the market may have begun to consider selling.
Recently, some analysts publicly accused well-known singer Jason Derulo of participating in and supporting "pump and dump" in the cryptocurrency field, which undoubtedly added some uncertainty to the entire market.
Amid the massive withdrawal of whale investors and the controversy caused by WATER tokens and Jason Derulo, Shiba Inu Coin (SHIB) suffered a plunge of more than 6% on Friday.
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This plunge may be a harbinger of the market's "whales" starting to sell. As the entire cryptocurrency market adjusts, SHIB's whale investors may be looking to cash out their assets. According to Lookonchain data, a whale wallet realized a profit of up to $8.3 million by transferring all of its 1.08 trillion SHIB (worth up to $18.4 million) to the Binance exchange. This transaction lasted from November to December, with an average daily transaction volume of up to $10.07 million.
