Through growing geopolitical tensions, there is no shortage of reasons to be concerned in the financial sector. Yet, that concern may already be spreading to the cryptocurrency market, as tokens have failed to gain notable ground. However, one interesting development has seen a Shiba Inu whale move $53 million in SHIB amid a price reversal; but why?
The token has just announced a monumental partnership with the United Arab Emirates (UAE) ministry of energy. Not only that, but the asset has finally reversed an ongoing downtrend that saw the asset fall to $0.000015. The questions are, can it truly institute a reversal, and is there a reason why one large holder moved 3 trillion SHIB tokens?
Also Read: Shiba Inu: What Is SHIB’s Price If Its Market Cap Equaled XRP’s?
Shiba Inu Whale Offloads $53M in SHIB as Price Reverses 22% Decline
To this point, February has already proved to be an interesting month for Shiba Inu. The toke unveiled a massive partnership with the UAE government that certainly boosted its overall appeal within the sector. However, it has also been facing a massive drop in value for the last several weeks.
The token plummeted more than 27% over the last 30 days, according to CoinMarketCap. Moreover, it had also fallen 22% over the last seven days as the meme coin struggled to gain ground.
Yet, by midday Friday, the token had regained some of its value and was back out of the negative. However, one Shiba Inu whale moved $53 million in SHIb as traders began to wonder why.
Also Read: Shiba Inu Whale Buys 131 Billion Coins: SHIB Rally Incoming?
The timing was a concern, as the token had seen its burn rate jump more than 1100%. Moreover, the worry was justified when it was revealed that SHIB whales hold a remarkable 61% of the token supply, according to Santiment.
Unfortunately, there is no telling why the stash was moved. It could have been transferred or sold for a number of reasons only the whal in question knows. However, it is worth noting that they do maintain tremendous control, and the geopolitical tensions don’t help concerns about the price’s future movement. Right now, SHIB is caught in a key area, as only time will tell if it sustains enough momentum to move beyond $0.00015.
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