In a Twitter thread posted on Feb. 9, Conor Grogan, Director at Coinbase, shared his observations on the Shiba Inu (SHIB) cryptocurrency market. According to Grogan, on October 27, 2021, the largest SHIB farmer unstaked $107 million of the digital asset and sent it all to various exchanges, including FTX, Huobi, Binance, and OKX.
Grogan's analysis suggests that this move marked the absolute top for SHIB, as the cryptocurrency immediately began to plummet and never recovered from the decline.
Coincidentally, at the time of the large transfer, FTX had just expanded its offerings of a SHIB perpetual futures contract called KSHIB.Conor also shared a screenshot of the open interest (OI) for SHIB from that date, noting that it had increased significantly. The OI rose to approximately 1.1 trillion open contracts, valued at approximately $85 million, just for SHIB (not including the KSHIB market).
While the identity of the address responsible for the large transfer remains unknown, Grogan ruled out the possibility that it was the person who turned a couple of thousand into billions. His thread suggests that disgraced FTX founder Sam Bankma-Fried, who was arrested in December based on a criminal indictment, might be behind SHIB's collapse.
Whether or not Bankman-Fried was responsible for SHIB's never-ending downward spiral, the Twitter thread posted by Conor Grogan sheds light on the events that marked the absolute top for the Shiba Inu cryptocurrency market.