Shiba Inu Dips From a $2.76B Move, Will Robinhood and Kraken Listing Help?

Like every analyst and crypto enthusiast has said, this is the altcoin season. Most especially for altcoins such as Shiba Inu that took the world by storm. Not only is SHIB gaining more popularity and momentum, but its use cases are also increasing. Therefore, we can rightly say this November is another bull period for the crypto community to ‘cash out,’ that’s if one makes the right investment decision.

Moving forward with the talks about Shiba Inu, 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. When calculated to fiat, the tokens transferred totals to $2.760,000,027.60 billion, according to Etherscan.

Besides, the transaction came right after Shiba surpassed Dogecoin to join the league of top 10 cryptocurrencies. So far, the memecoin is up by 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.

In order words, 10,000,000,100,000 Shiba Inu tokens were sent to four addresses that had no prior token transfer. What’s more, the transaction happened from 6:20 PM to 6:45 PM ET Tuesday. Each of the transfers was about $600 (10 trillion tokens). Similarly, at the time of the transfer, Shiba Inu was at $0.000069 per unit.

Not to mention, since the transfer, SHIB’s token price fell by 7.35%. However, some have different opinions on why Shiba’s price is dropping. Notably, one SHIB analyst Kelvin Smart says,

Price is slightly dipping principally because of the aftermath effect of the recent squid game token rug pull that liquidated a lot of people’s investment seeds/funds. This has created a residual FUD effect on some certain good number of newbies who on account of this pulled out their funds from SHIBA INU in fear of uncertainty or of a similar occurrence happening with Shib. Though, this is mainly due to their huge ignorance and lack of knowledge.

Furthermore, he attributes Facebook’s ‘Meta’ as another factor that is affecting the price of Shiba Inu.

The Facebook re-branding to Meta has its own level of contribution to the relative dipping as a lot of people have also moved their funds from SHIBA into trading some of the metaverse tokens like MANA and SAND. This explains the rapid increase in trading volume of the mentioned coins, and this has left SHIBA INU to have dropped somewhat down in volume.  However, what matters is that the number of Shib holders remains on the increase and that is one of the major determinants of a price value in the long run.  By the time the Facebook Meta effect wanes off, people will take all their profits back into SHIBA, and guess what will happen then?  A massive run-up and It will be so huge.

Meanwhile, the Shiba army awaits Kraken and Robinhood listing to skyrocket the price of SHIB to the moon. Currently, Shiba Inu trades at $0.00006602 according to CoinMarketCap.