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Attentive to whale operations, transfer or possible sale? By Investing.com



By Carjuan Cruz

Investing.com – rallies today, up 6%, after a recent transaction by one of the major Shiba Inu whales knocked the price down. The cryptocurrency has fallen 39% since October 26.

Now the currency rallies again, trading at $ 0.00005683. Its record high was in the middle of last month when it reached $ 0.00007370, and a market capitalization of $ 51 billion.

The price drop accelerated after the operation made by one of the main whales in Shiba Inu, possibly the second. The move, which transferred in four operations between $ 2.3 billion and $ 2.7 billion placed in the cryptocurrency, keeps the market attentive.

“It appears there were four transactions out of that account yesterday, sending Shiba Inu to a different account for a total of $ 2.78 billion,” said Tom Robinson, CEO and co-founder of Elliptic, a blockchain analytics company.

The sector has remained focused on the wallet transactions of this whale, which could be the second with the most positions in crypto. However, given the nature of the sector, it is difficult to predict whether it is merely a transfer of positions or a step for possible sale, which fuels the concern of investors, mostly minority.

“Legitimate cryptocurrencies are completely transparent about transactions, codes and other matters, but they are generally opaque about transactions that match people. The exact opposite of the banking system, which is opaque in everything except personal identification,” he explains Aaron Brown, cryptocurrency expert and Bloomberg analyst.

In fact, this high transfer of positions by this whale made this wallet “under scrutiny,” according to a Bloomberg report. And it is possible that this caused the price to recover.

The appeal of the “meme”

And it is that, for some experts, the meme currency has several factors that support the boom that it has recently raised. Only in October the price had risen more than 500%.

“Limiting the supply, pricing the coin to extremely low decimals, timely posts on Twitter (NYSE 🙂 and the gift of Shiba Inu coins to co-founder Vitalik Buterin are all part of what captivates the speculators, “explained Mike McGlone, also an analyst at Bloomberg Intelligence.

“Shiba Inu presents a unique mix of exploitation, good marketing, economics of supply versus demand and gambling on an unprecedented 24/7 global scale, and it faces a reversal worthy of its parabolic rise,” added the expert.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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