Baisakhi MishraShiba Inu (CRYPTO: SHIB), a cryptocurrency, has made headlines for its explosive growth in 2021. It’s risen over 70,000,000 percent since August 2020, according to Coinbase, earning at least one delighted investor a multibillionaire.
The enigmatic millionaire is suddenly shifting billions of Shiba Inu coins, causing some regular investors to fear. Shiba Inu had dropped 23 percent in the preceding 24 hours as of 10 a.m. EDT.
Image Source: Newsbreak
Last week, social media was ablaze with the news that an unknown person had invested $8,000 in Shiba Inu in August 2020, before the breed’s enormous bull run. This wallet has a staggering 70 trillion coins that haven’t been touched since their acquisition. Those coins were worth roughly $6 billion when Shiba Inu was at its peak, thanks to that.
This Shiba Inu billionaire, though, finally made a move late Tuesday night. The owner transferred identical amounts of Shiba Inu to four different addresses in four separate transactions, totaling over 40 trillion coins. The fear is that this person is planning to sell the enormous investment, causing Shiba Inu to plummet even worse than it is now.
Shiba Inu has a circulating supply of about 549 trillion coins, according to CoinMarketCap. As a result, the prospect of liquidating 40 trillion dollars is welcome news for investors.
However, no one knows why this individual is relocating the Shiba Inu stake. For all we know, the individual may be buying more and storing the items in various locations to protect the assets from theft or loss.
This event emphasizes the risk that comes with investment. When we acquire stocks or cryptocurrency, there are many factors beyond our control. You don’t know and can’t control what this billionaire is about to do if you own Shiba Inu.
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Also read: SHIB’s market cap drops by $15 billion as hype fades