Shiba Inu Plunges 14% in 24 Hours After Funds Moved From $5 Billion Wallet

 Following a big week of record highs, Shiba Inu coin (SHIB) has dipped 14% in 24 hours, losing its spot in the top-10 market ranking. The cryptocurrency's price began to decline earlier this week after a whale transferred more than $2 billion worth of the tokens. 


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The anonymous investor who moved the funds also made headlines last week as the person behind what some were calling "the greatest trade of all time." In a span of just one year, the investor's SHIB investment ballooned from approximately $13,000 to a whopping $5 billion. The wallet had been inactive for 192 days, and it was unclear if the owner would be able to access the funds. 


Related: 'The Greatest Trade of All Time': $13,000 Worth of Shiba Inu Coin Bought Last Year Now Worth $5 Billion


But the owner has since made four transactions of exactly 10,000,000,100,000 SHIB tokens to four different wallets; each transaction was valued at around $586 million, more than $2.3 billion in total.


Prior to the $2 billion transfer, SHIB soared by more than 300% in only a few days, even surpassing Dogecoin (DOGE) — the original dog-themed memecoin of which SHIB is a spin-off — in market cap. 



SHIB is currently trading at $0.00005623 and holds the eleventh position in the market. 


The crypto world has seen its share of unfortunate flux in recent days. Earlier this week, a currency inspired by the hit Netflix series Squid Game turned out to be a scam. Despite numerous red flags, investors poured approximately $3 million into the coin before its anonymous creators drained the fund and vanished. 


Related: 'Squid Game' Cryptocurrency Collapses, Scammers Vanish With Millions

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