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The second largest meme coin by market cap, Shiba Inu (SHIB) was on the investors’ radar over the weekend. Meanwhile, crypto has witnessed a choppy trading session today, as evidenced by the significant drop in its price. The recent momentum has raised speculations among the market participants about the potential reasons for the drop, while many have blamed the volatile nature of the market.
Why Is Shiba Inu (SHIB) Crypto Dropping?
The Shiba Inu has noted significant losses on Saturday, September 30, suggesting that the investors are shifting their focus towards safer assets amid market uncertainties. Meanwhile, Shiba Inu’s (SHIB) price dip has left investors speculating about the reasons behind it. While no concrete news has emerged, the focus has turned to a major SHIB whale’s peculiar wallet activities recently, raising questions and concerns within the crypto world.
The sudden drop in Shiba Inu’s price has baffled many, and some are now looking at a peculiar series of wallet transactions for potential answers. Address 0x1406, a prominent SHIB whale, has initiated a strategy to break down its massive holdings into smaller, less conspicuous wallets. This move has ignited suspicions in the crypto community, with speculations of evading scrutiny increasing.
Notably, Bubble Maps, a cryptocurrency data analysis firm, shed light on these developments through a series of tweets. They not only revealed the wallet divisions but also linked them to the SHIB owner, casting shadows on the identity of the anonymous founders, Ryoshi and Shytoshi Kusama.
Meanwhile, the journey of this SHIB whale’s holdings dates back to 2020 when it amassed 100 trillion SHIB tokens shortly after the token’s launch. These holdings were later dispersed across 13 wallets, a maneuver with significant implications for tracking and monitoring. In early 2020, these wallets controlled 10% of the total SHIB supply, valued at over $1 billion.
When SHIB’s market cap surged to $40 billion in 2021, the whale divided its SHIB holdings further. This involved transferring 60 trillion to six wallets, another 30 trillion to a different set of six, and retaining 10 trillion in the original wallet. However, Bubble Maps pointed out that these transactions appeared to have a clear intent, even though the exact purpose remained undisclosed.
Moreover, since the creation of these wallet clusters, they have remained inactive, with no purchases, sales, or transfers—a fact that piqued the interest of Bubble Maps.
Meanwhile, Bubble Maps received an anonymous message from an individual claiming to be the SHIB owner, urging the removal of their thread. The sender expressed concerns that the thread provided a “perfect blueprint” for potential attacks, highlighting the privacy and security challenges faced by major crypto holders.
Recent developments have also witnessed the gradual emptying of wallets 0x1406 and 0xc1ca, both associated with SHIB’s alleged owner, as SHIB tokens were transferred to 20 new wallets, adding yet another layer of intrigue to this unfolding crypto mystery.
Also Read: BTC Remains Flat, XRP, Pepe Coin Jumps
Shiba Inu Price & Performance
The Shiba Inu price dropped 50.80% to $0.0000000002762 as of writing, with its one-day volume declining 65.44% to $0.28 million. Over the last 24 hours, the crypto price witnessed a high of $0.0000000006949 and a low of $0.000000000208, indicating the highly volatile performance of the crypto.
However, in another development, Shibburn showed that the SHIB burn rate surged 203.57% over the last 24 hours to 68.48 million. The significant jump in the burn rate has also gained attention from traders.
Notably, the current circulating supply of the crypto remained at 579.71 trillion after the recent burns.
Also Read: Bollinger Bands Creator Signals Bitcoin Upsurge, Is $30k Next?
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