The Shiba Inu price crashed to as low as $0.000007683 yesterday, sparking bearish sentiment towards the meme coin. This crash came on the back of a transfer of billions of SHIB tokens, which raised concerns of a potential sell-off by the whale in question.
Why The Shiba Inu Price Crashed
The Shiba Inu price crashed amid significant selling pressure, with a SHIB whale sending billions of tokens to Robinhood, likely to offload these tokens. Arkham data shows that the whale (0x2d0…9f7bB) first sent 210.365 billion SHIB tokens, worth $1.63 million, to the crypto exchange. These tokens represented about 97% of the whale’s SHIB holdings.
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Further data from Arkham shows that the SHIB whale sent an additional 1.52 billion tokens to Robinhood and 7 billion tokens
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