The Shiba token billionaire sold his 50% Shiba holdings amid increasing sell pressure concerns.
In the present situation of the crypto market, a bull sign market can be seen but the sign for meme coins seems measurable because almost all the meme coins are either below or Stable. This is causing a big reason for the meme coin holders to push into a big selling pressure and also happening the same.
In the latest, selling pressure in the Shiba token community is very high because this coin is not surging like other assets and also one of the big Shiba inu coin holders selling his Shiba inu tokens.
In April 2020, a person bought Shiba inu tokens worth $8,000. Now that person is a multi-billionaire person within 19 months of time. This guy was holding 13% of the Shiba inu circulating supply.
According to the recent record, Etherescan is showing that billionaire Shiba coin holders sent $10 trillion Shiba inu tokens at four different empty addresses. The value of the $10 trillion Shiba inu token is around $2.6 billion. So almost 50% of the holding has been sold to this person. It is worth noting, it was the first time after April when the wallet was active. So there are huge chances that a billionaire may wait to sell his tokens for more Money and can get into another flashing coin.
Shiba inu: A crypto trend
At the end of October, the Shiba token grabbed huge attention from the crypto market and surged around 8000% in October.
But after the end of October, many crypto influencers and experts shared their stance and suggested people remain away from the Shiba inu investment.
While Crypto influencer Pompliano described Shiba inu coin as Dog Poo and claimed there are no use cases with this coin.
Read also: Most of the restaurants looking to accept Shiba coin payments: France
