Shiba Inu seems to be trending for almost the third time in a week over a massive token purchase. In a transfer made from Crypto.com, a crypto whale buy 20 trillion Shiba Inu (SHIB) tokens. The worth of these coins is estimated to be worth over $1.13 billion and they were all transferred to an unknown address.
This is a move that has left the crypto community in a frenzy. Although the impact of such a massive move is still not clear, this purchase is sure to shake things up for Shiba in the market. However, crypto news source CoinMarketCap.com has indicated that at the time of this news spreading, the coin’s price per token was down 1.5 percent within the last 24-hours.
Can Such Huge Buys Affect the Stability of Shiba Inu?
This may however not have a negative impact on Shiba Inu. After all, his meme coin completely defies the technical analysis aspects that most cryptocurrencies abide by. If anything, SHIBA’s valuation is often subject to the sentiments of its fans. That said, this enormous buy could lead enthusiasts to believing that the coin is thriving. But again, it might leave them feeling like it is a market manipulation tactic, and this can swing things towards the negative side.
For highly invested crypto investors, Shiba inu’s centralized ownership may feel like a red flag. Presently, SHIB’s circulation supply stands at almost 66%, and 10 people have custody. This means whales can decide to buy and sell the coin as they please. Such erratic valuations force many long and short retail traders to liquidate using margins while the whales get to make massive profits.
Even so, Shiba Inu still seems to be in good graces with many in the crypto community. Matter of fact, the petition made on Change.org keeps gaining more and more support. This petition to get Shib listed on Robinhood has so far garnered over 500 thousand signatures. This means it has hit half of its target 1 million signatures.
