Yesterday, a block registered on Etherscan shows a single transaction for 20,000,000,000,000 – that’s trillion with a “T” – tokens for more that $1.13 billion U.S.

It’s not clear what the impact of such a massive move could have on the Shiba market. CoinMarketCap.com reports that token prices were down almost 4 percent in the 24-hours since the writing of this article.

However, since Shiba’s valuation is primarily driven by the sentiment of its active community rather than fundamentals or technical analysis – as is the case for most meme-type coins – this billion-dollar buy could be perceived as a positive signal for those on the sidelines to join the Shiba pack. However, the deal may have negative fallouts as part of wider market manipulation.

It’s no surprise that the Shiba Inu project has an extremely high concentration of its circulation supply – nearly 66 percent – currently in the custody of 10, possibly fewer, holders. This highly concentrated ownership can be a red flag to crypto investors as whales have the ability to coordinate the selling and buying of meme assets at will. Whipsaw valuations can result in both short and long retail traders being liquidated using margin. However, whales are able to make profits.

Regardless, those risks don’t seem to be hindering Shiba’s support or positive sentiment. A petition started in May of this year on Change.org to persuade digital asset trading app Robinhood (NASDAQ:) to begin listing Shiba, secured more than 500 thousand signatures as of Sunday, Nov. 7 – which was the halfway point of its one million signature goal.

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