Shiba Inu shares drop by 14% after movement of funds from worth $5 Billion

Shiba Inu coin (SHIB) lost its top-10 ranking in the market rankings after huge weeks of record highs. This week, the price of the cryptocurrency started declining after over $2 billion in tokens was transferred.

In one year, the investor’s SHIB investment rose from the initial $13,000 to an astonisihing $5 billion. The investor was in the news last week for being behind what was referred to as “the greatest trade of all time.” It was unknown if the owner of the wallet can access the funds due to the wallet being inactive for 192 days. Shiba Inu coin (SHIB)

A total of 10,000,000,100,000 SHIB tokens have been transferred to 4 different wallets by the owner since then, valued at more than $586 million each, for a total of over $2.3 billion. Within a few days of the transfer, SHIB’s price increased by 300%. During this time, it even outpaced Dogecoin (DOGE) in market cap, the original memecoin of which SHIB is a spin-off.

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The price of SHIB is recently $0.00005623, which places it eleventh in the world market rankings. Recently, there has been some unfortunate shift in the crypto world. It was revealed earlier that a currency created afterNetflix’s hit series Squid Game was a scam.

Although, the price of Shiba Inu coins (SHIB) leapt to a record high of $0.00005863. petitioned Robinhood to list the coin on its trading platform, triggering the record-breaking price. Currently, there are 334,500 signatures on the petition.

The coin’s creators drained $3 million of investors’ funds and disappeared despite several warning signs.

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Scammers disappear with millions after ‘Squid Game’ crypto collapses

Despite launching on October 26, the memecoin had no connection to the popular Netflix show which marked the first red flag. The creators of $SQUID, a memecoin based on the No. 1 Netflix show, disappeared with $3.38 million, meaning anyone trying to profit off the trend lost everything they’d invested.

Asides from not being associated with the show, other signs should have put people off. For a short period, the creators locked up the liquidity of investors, so they couldn’t sell after buying. According to $SQUID’s whitepaper, this limitation is a part of an “anti-dump” system that will aid its growth.

Their website, which was built three weeks ago, was filled with spelling and grammatical errors, and their Telegram channel refused to accept comments and they didn’t make responses on Twitter.

CoinMarketCap reports that the coin peaked at $2,866 despite the suspicious circumstances surrounding it. The project’s fund was drained and the scammers vanished, in a move known by the crypto world as a rug pull.

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Bottom Line

Many people who were eager to profit from the trend might have not taken note of the warning signs. As recent news about the Shiba Inu (SHIB) coin has demonstrated, investing in the right cryptocurrency at the right time can make investors rich. SHIB smashed records and grew from a $13,000 investment to $5 billion in one year. $SQUID early adopters seem to have been beaten at their own game.