As all cryptocurrency analysts and enthusiasts have said, this is altcoin season. Especially for altcoins like Shiba Inu which has taken the world by storm. Not only is SHIB gaining popularity and momentum, but its use cases are also increasing. Therefore, we can rightly say that this November is another bullish period for the crypto community, if the right investment decision is made.
Going on with the Shiba Inu talk, in August 2020 an investor bought $ 8.000 worth of SHIB tokens. Just recently, the same investor transferred 40.004 trillion tokens from their wallet to four different wallets. According to Etherscan, if calculated in fiat, the tokens transferred amount to 2.760.000.0027,60 billion dollars.
Additionally, the transaction took place right after Shiba overtook Dogecoin to join the league of top 10 cryptocurrencies. So far, memecoin has risen 103,2 million percent over the past 12 months after a massive rally that has seen SHIB become the highlight of the past few weeks.
Put simply, 10.000.000.100.000 Shiba Inu tokens were sent to four addresses that did not have a previous token transfer. Additionally, the transaction took place between 18:20 pm and 18:45 pm ET on Tuesday. Each of the transfers was approximately $ 600 (10 trillion tokens). Similarly, at the time of the move, the Shiba Inu was at $ 0,000069 per unit.
Since the transfer, the price of the SHIB token has decreased by 7,35%. However, some have different opinions as to why Shiba's price is falling. Specifically, analyst Kelvin Smart says:
“The price is slightly down mainly due to the after effect of the recent launch of the squid game token which has liquidated many investment funds. This has created an effect on a number of newbies who have withdrawn their funds from SHIBA INU as a result of fear of a similar event happening. However, this is mainly due to their enormous ignorance and lack of knowledge ”.
Facebook's "Meta" is affecting Shiba Inu's price
Facebook's re-branding in Meta has its own level of contribution to the relative downturn as many people have also shifted their funds from SHIBA to trading some of the metaverse tokens such as MANA and SAND. This explains the rapid increase in the trading volume of the mentioned coins, and this has left SHIBA INU to decrease slightly in volume.
However, what matters is that the number of Shib owners remains on the rise and that is a major determinant of the long-term value of the price. When Facebook's Meta effect wears off, people will bring all their profits back to SHIBA and guess what will happen then? A massive run up.
Meanwhile, the Shiba army awaits the listing of Kraken and Robinhood to skyrocket there quotation by SHIB. Currently, Shiba Inu is trading at $ 0,00006602.