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SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo

  • SHIB whales could be selling as the Dogecoin competitor has not seen sustained price growth in the past three months.
  • WATER token might be facing selling pressure from increased insider activity.
  • Jason Derulo accused of promoting crypto pump-and-dump scams by analyst.
SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo
Michael EbiekutanMichael EbiekutanFXStreet

Shiba Inu’s (SHIB) price is down more than 6% on Friday following notable whale profit-taking activity and controversies surrounding the WATER meme coin and American singer Jason Derulo.

SHIB’s decline potentially caused whale sale

SHIB whales could be selling their holdings following the recent decline in the crypto market. Data from Lookonchain shows that a whale wallet moved its entire holdings of 1.08 trillion SHIB (worth $18.4 million) to Binance, potentially making a profit of $8.3 million. The whale initially withdrew the 1.08 trillion SHIB stash from Binance between November and December at an average price of $10.07 million.

Read more: Pepe poised for 20% crash

If the whale wallet had sold during SHIB's yearly high in March, its total profit would have been around $29 million. SHIB's 54% decline in the past four months may have prompted the sale.

However, SHIB is trading close to the key price level of $0.0000018, where investors purchased about 417.43 trillion SHIB tokens. Reclaiming this level could serve as a crucial support for the meme coin.

SHIB Global In/Out of the Money

SHIB Global In/Out of the Money

Lookonchain data also reveals that the team behind the meme coin WATER could be dumping the token. The WATER developer moved 844.44 million WATER to 11 new wallets that didn't participate in the token's pre-sale. These wallets have been selling the token, making about 18,600 SOL worth $2.35 million.

Also reads: Is this the end of the Solana meme coin experiment?

Crypto trader @WazzCrypto earlier revealed that the WATER team was behind the BEER meme coin, which crashed over 80% after insiders began dumping the token.

Meanwhile, celebrity artist Jason Derulo appeared to be showing interest in cryptocurrency again following several celebrity meme coin projects launched in the past two months. A recent video on X in which the celebrity indicated his interest in crypto has come under serious criticism, with crypto analyst ZachXBT commenting with screenshots of past "crypto scams" that Derulo had allegedly promoted.

Read more: Controversy surrounding DJT meme coin continues, Martin Shkreli claims Stone “does not know Barron Trump”

A community note under Durelo's post reads:

"This user is a scammer and has participated in many crypto pumps and dumps."

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

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