Yesterday I did a post about SHIB, although I am totally against these kinds of tokens. In my post there was a screenshot of what information you can find about SHIB on Binance. I let the reader decide if there are warning signs there because I didn't want to point out the obvious, but today I'm going to show you what I meant.
I, just like millions around the world, woke up to a red market as there was blood all over again. It was quite early, 4:30 am but what I saw on the screen woke me up instantly, my mind started racing and in about 10 minutes the plan for today was ready. I know it was coming, but didn't think it's going to happen this early.
What's Happened?
Do you want the short version or the long one?
Short version: a bunch of leverage traders got liquidated, people FOMOed, sold and whales bought cheap tokens.
Long version: There were two events that contributed to price drops. One was the announcement from Tesla, that they have stopped accepting BTC and the other what Vitalik Buterin did. Let's start with the second one.
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This is what happened, the screenshot above sums it up nicely.
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This was the screenshot I shared yesterday. Today I'm underlining the detail that should have rung a bell for buyers. The top #1, #2 wallets hold 50.5% and 7% of the total supply!
When one wallet has such a power to hold more than half of the supply, guess what can happen? What's happened in the past 24 hours. A big dump that has crashed the price.
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Here's the proof if you need it, the Metamask wallet transaction.
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This is how the 8h chart looks on Binance. A big green candle 3 days ago, followed by a big red candle. I don't even what to know how many people got rekt.
The other factor that has contributed to the blood shed is Tesla's announcement that they are no longer accepting BTC as payment option and the option disappeared minuted after the announcement or even before.
Now, for those who think the world is going to end because of this, let me assure you that the world is not going to end. Tesla didn't dump their BTC, Elon Musk didn't dump his BTC, yet panic selling happened.
Is This New?
Far from it. Remember what's happened with the other ... coin, that has become famous because of Elon Musk, has dropped several times because of what Elon Musk said or didn't say.
What's Going To Happen Now?
I don't know about SHIB and certainly don't care as I see no future in it. It may recover, or not. I don't know who is going to buy SHIB of who bought it. Let time decide and good luck to those who are still willing to gamble their money with tokens like this.
BTC and the other tokens are a different story. This was a correction that was expected and BTC can even go lower, to the $42k region and then take off again. If you know what BTC is and trust the token, what's happened in the past 24 hours could not cause panic for you.
I saw a good opportunity to invest some fiat in some major alts and fill my bags and so did million others, among which whales.
I'm sure we're going to read a bunch of horror stories in the upcoming days, about how people got rekt, but I hope those who got burt will be more careful next time. Investing without doing due diligence can lead to losing all your investment.
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