Shiba Inu (SHIB), the popular meme cryptocurrency of late, saw a big buy this weekend.
On Sunday, November 7, a block registered on Etherscan saw a single transaction of 20,000,000,000,000. This Shiba stands for $1.13 billion SHIB. The purchase took place on crypto.com as per the screenshot below.
Such a big move has yet to make a positive impact on Shiba. At the time of writing, the token has seen a 2.5% drop in the last 24 hours, according to Coinecko data.
However, this billion-dollar buy could be perceived as a positive signal, as Shiba’s price movements are primarily driven by the sentiment of its active community rather than fundamentals or technical analysis. But this purchase could also have negative consequences as it could be part of a larger market manipulation.
This type of highly centralized ownership is a major red flag for most crypto investors, as whales can coordinate the buying and selling of the meme asset to their liking. Such valuations often bring profits to whales.
Signature Campaign Continues to Get Interest
Regardless, these risks don’t seem to hinder support for Shiba. The petition launched on Change.org in May of this year to persuade digital asset trading app Robinhood to list Shiba continues to attract great interest.
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