A $1.13 Billion Shiba Inu Purchase Expected to Cause a Neutral Impact

Shiba Inu tokens

A cryptocurrency whale bought 20 trillion Shiba Inu tokens for $1.13 billion on November 7 in a purchase that originated on Crypto.com. 

The transaction is yet to create an impact as data from CoinMarket.com shows a drop in Shiba Inu by 0.47% in the past 24 hours.

The huge buy could reportedly be a positive signal to new investors in cryptocurrency, but there is also a sentiment that it could be a form of market manipulation. Few investors currently own 66% of the meme token and can easily influence price and liquidate margin traders.

Shiba Inu’s price movements have relied much on market sentiments and little on the technical and fundamental aspects.

The billion-dollar transaction comes as a petition by Shiba Inu supporters to have Robinhood list the crypto crossed 500,000 signatures on November 7 raising the next target to one million.

Source: Etherscan

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