The entire crypto market experienced a bullish run for the past few days which is slowly draining out of energy. The bullish era for this term has come to an end with new heights from Bitcoin, Ethereum, and Shiba Inu. While other potential coins like Solana, Polkadot, and Ripple have also slowed down in their price rally.
Meanwhile, meme-currencies have been trading sideways since the historic rise. Additionally, Shiba Inu has dropped to 21.41% within the past week which raises questions for investors. Will it be a good time to buy SHIB while it’s dropping? Or is it a sign of a further fall of SHIB’s price?
Story Behind SHIB Price Fall
According to a popular crypto analyst, Jacob Oracle, the reason behind the price fall of SHIb is Whales’ manipulation. After the price surge of over 950% since the beginning of the quarter, SHIB has been trapped in Whale games. The tweet which he posted highlights the movement of the wallet which has turned the investment of $8K on SHIB to $5.7 billion.
Remember the guy who turned his $8K $SHIB Investment into $5.7 Billion?
Well, he recently moved 40+ trillion of his #SHIB holdings to new four new wallets.
If he decided to sell these bags, SHIB would plummet -99.99% to zero. Oof. pic.twitter.com/HqrWw57nr2
— Jacob Oracle (@JacobOracle) November 3, 2021
The same wallet sent almost 40 trillion dollars to the other four wallets. If he sells all of his shares, the expert predicts that the meme coin will lose 99.99 percent of its value. Internet users are seeing this as a sign of impending mass liquidation! Furthermore, according to ByBt data, a total of $1.39 million was liquidated in just 24 hours.
At the time of writing, the trading price of Shiba Inu (SHIB) is $0.00005744 with a trading volume of $11,770,499,879. Consequently, SHIB has been experiencing bearish signals for the past week with the rejection at the support level of $0.00006458. The next immediate support level lies between $0.00004198 and $0.00003626, so if SHIB fails to remain above this level then it may experience a huge downfall.
Significantly, as per the announcement from Kraken exchange, if Shiba Inu is listed on their platform, it will act as a major trigger for the impending price action. There might be a price hike after the listing while SHIB is still 60 million percent high YTD. Besides, this fall of SHIB’s price may be a pullback to bounce again to heights.
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