SHIB is down about 25% over the past week and this might due to general fear that one of the largest holders is moving coins.
Shiba Inu (SHIB) has seen its price fade over the past few days. Measured since its all-time high, it dropped more than 50% earlier today, before recovering slightly to where it currently trades.
Many in the cryptocurrency are currently playing the “I told you so” card as the price of Shiba Inu (SHIB) is down almost 50% since its all-time high charted just a week ago.
The tides seem to have turned considerably as the euphoria that the market saw back then has now turned to disbelief.
At the time of this writing, SHIB is trading slightly above $0.00005, charting a considerable decline of about 25% for the week.
Chart by TradingView
One of the reasons for this might be worries that one of the largest SHIB holders has started moving coins.
A cryptocurrency investor bought $8,000 worth of SHIB back in August 2020 and, at one point during the peak pricing, their holdings were worth almost $6 billion.
Just a couple of days back, however, an address that’s known to be one of the biggest SHIB holders, started transferring their coins.
So far, it doesn’t appear that the entity has disposed of any of the cryptocurrency but the general fear that they might start doing so takes the toll on the market.
With this said, the highly concentrated supply of SHIB has been pointed out more than once as a legitimate reason to be very careful when investing in the token.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
