The Shiba Inu cryptocurrency coin saw a big drop Thursday as investors anticipated potential sales from bigger investors.
Why did Shib cryptocurrency coin crash?
Per Benzinga, Shib coin declined in value Thursday “as investors anticipated moves by whales to liquidate their holdings by sending coins to exchanges.”
- On Wednesday, a Shiba Inu coin billionaire who turned his or her $8,000 Shiba inu coin investment into $5.7 billion, was observed moving funds, a major move that could impact the Shib community.
- The investor moved 40 trillion Shib tokens — worth about $2.7 billion — into four crypto wallets, according to Benzinga.
Did Shiba Inu coin join Kraken?
Shiba Inu coin fans were upset earlier this week when Kraken, a cryptocurrency exchange platform, announced it would not list Shiba Inu coin on its platform, even though there was a strong indication that it would, as I wrote for the Deseret News.
- ”There’s more work for us to do as we move through our listing review process,” Kraken said Tuesday in a Twitter thread.
The Shiba Inu community — commonly known as the Shiba Army — was excited to see the coin listed on Kraken because it would offer the potential for more people to invest.
- “Many users questioned why the exchange would make a pledge it did not intend to honor, while others threatened to delete their Kraken accounts,” according to Business Insider, “Yet others called on fans to have patience.”
Why does Shiba Inu gain value?
Shiba Inu coin’s value and price is often determined by social media hype. With more community excitement, there are often more buyers, which leads to a rarity in the coin and a higher price. This allows investors to sell off high.