In a Twitter thread posted on Feb. 9, Conor Grogan, Director at Coinbase, shared his observations on the Shiba Inu (SHIB) cryptocurrency market. In response to Grogan, on October 27, 2021, the most important SHIB farmer unstaked $107 million of the digital asset and despatched all of it to varied exchanges, together with FTX, Huobi, Binance, and OKX.
Grogan’s evaluation means that this transfer marked absolutely the high for SHIB, because the cryptocurrency instantly started to plummet and by no means recovered from the decline.
Coincidentally, on the time of the massive switch, FTX had simply expanded its choices of a SHIB perpetual futures contract known as KSHIB.
Conor additionally shared a screenshot of the open curiosity (OI) for SHIB from that date, noting that it had elevated considerably. The OI rose to roughly 1.1 trillion open contracts, valued at roughly $85 million, only for SHIB (not together with the KSHIB market).
Whereas the identification of the deal with chargeable for the massive switch stays unknown, Grogan dominated out the chance that it was the one that turned a few thousand into billions. His thread means that disgraced FTX founder Sam Bankma-Fried, who was arrested in December primarily based on a legal indictment, may be behind SHIB’s collapse.
Whether or not or not Bankman-Fried was chargeable for SHIB’s endless downward spiral, the Twitter thread posted by Conor Grogan sheds mild on the occasions that marked absolutely the high for the Shiba Inu cryptocurrency market.