The fall of SHIB May Have Prompted The Selling of Whales

Since SHIB, a rival cryptocurrency to Dogecoin, has failed to see consistent price appreciation over the last three months, whales may be selling.

There may be more selling pressure on WATER token due to increasing activity from within the community.
An analyst has accused Jason Derulo of endorsing cryptocurrency pump-and-dump schemes.

Following considerable whale profit-taking activity and controversy regarding the WATER joke currency and American musician Jason Derulo, the price of Shiba Inu (SHIB) dropped by more than 6% on Friday.

The fall of SHIB may have prompted the selling of whales.
Due to the current drop in the cryptocurrency market, SHIB whales may be liquidating their holdings. A whale wallet allegedly made $8.3 million by moving all of its 1.08 trillion SHIB (equivalent to $18.4 million) assets to Binance, according to data from Lookonchain. Starting in November and continuing until December, at an average price of $10.07 million, the whale withdrew 1.08 trillion SHIB from Binance.

Selling the whale wallet in March, when SHIB was at its annual high, would have resulted in a profit of around $29 million. The selling could have been triggered by SHIB's 54% drop in value over the last four months.

Nevertheless, SHIB is now trading at the critical price point of $0.0000018, at which 417.43 trillion SHIB tokens were bought by investors. Getting back this level may be a huge boost for the meme currency.

The WATER meme coin's development team may be selling its tokens, according to Lookonchain statistics. Even though they weren't part of the WATER token's pre-sale, the developer sent 844.44 million WATER to eleven other wallets. Thanks to the token sales, these wallets have amassed a value of $2.35 million, or 18,600 SOL.

Following the introduction of other celebrity meme coin initiatives in the last two months, star singer Jason Derulo seems to rekindle his interest in cryptocurrencies.

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