Yeah, so it seems like a big catalyst by the way for why sheep is falling is really the headline we see here from uh behrens. This is really the account remember the account that turned eight thousand dollars into like 2.76 billion dollars. Well, that account now considered a whale uh is uh has has moved their 2.76 billion dollars to four different wallets with no previous history and that's uh, leading to some concern that potentially potentially uh, they are getting ready to dump uh their their shiba inu, and so This is uh. This is really making folks a little nervous about sheep.

In fact, you go over here to bloomberg. Let's see here, sheba whale wallets with billions raise alarm of crypto sleuths. Let's take a look at this, so we have the total market value of the token soared to more than 51 billion leap, frogging over dogecoin and putting it amongst the top 10. But the frenzy cooled off in recent days.

Yanking the coins market value down by about 31, the attention has been fixated on a handful of whale wallets that control most of sheep there and there's unsettling news for all the new minnows who bought shiva in you and are sitting on paper gains of a lifetime. One of the whales has been moving coins due to different wallets, raising concerns that the holder is about to sell the dog coin drama is the latest episode that highlights the fact that, despite an abundance of transparency in a market where every transaction is recorded on blockchain, The anonymity of players involved, including in the case even the creator of the coin, leads to a house of mirrors effect, because no one really knows exactly who is doing what that's a good point, even though it's so transparent. It leads to leads to more speculation and concern because it's so transparent, that's uh! That's interesting! The sheep oh see, look at this here. Block works reported the sheep owner that turned 8k into oh 5 billion.

Oh, i didn't know they turned into that much just removed 2.9 billion worth of shiba tokens from the original wallet. Wow, okay. I thought it was 2.76, but i guess it's 2.9 uh, but then again, that's crazy. Anyway.

Shiba ini was not the first coin to trigger concern about high ownership concentration. Initially, bitcoin and ethereum were highly influenced by whales whose trades could swing market prices, their ownership concentration has since declined as more institutions and retail investors jumped into crypto. That said today, about 2 000 addresses own more than 40 percent of all bitcoin. There are many pockets of the crypto market where coin ownership is highly concentrated.

Many of the smaller of the more than 13 500 cryptocurrencies are majority owned by a handful of wallets in d5 apps which create their own tokens to let people trade land and borrow from each other. A small percentage of users control everything between 20 to 50 crypto trading firms are pushing most of the volume in crypto wow. I don't think it's totally see this is this reiterates to what jp morgan reported, that 70 of crypto trading is done by institutions, and these are institutions with with just billions upon billions of dollars and they've got massive power to move the market. My expectation is if we ever get a substantial market correction again in the stock market.

You'll see a lot of the trading firms, uh pull money to the sidelines and and you could get sort of an exacerbated, uh crypto drawdown uh because of institutions, and that would be expected. I mean if institutions pull that, sometimes that's a great time to buy the dip, because institutions have such a disproportionate impact on the market. But anyway, i don't think it's totally different than the way things work in traditional finance. Yes, exactly still, a lack of regulation and official market surveillance leaves meme coins like shiba inu vulnerable to suspicion, even as its price surges.

All right, legitimate crypto has a solid underlying economic economic case. Its value does not depend heavily on who holds how much of it has brought, but for crypto with no underlying economics whose value is determined only by speculation. Concentration of ownership suggests a rigged game. What a way to end that article.

So then we have uh. That was uh, that was the barons version. Here's the i'm sorry that was the bloomberg version, here's the barons version and they, i believe, also, let's see here. Sheep's tumble coincided with the movement of significant quantities of coins across the blockchain.

The decentralized ledger tech that underpins cryptocurrencies to other wallets, more than 40 trillion coins removed wednesday from the wallet of a shiba inu, a whale yeah. Look at this when you look at the block works pick. Ah they don't show it on. Here i looked at it and it was four transactions of 10 trillion coins each.

It was crazy uh to see the amount of movement, but anyway, that may have spooked individual investors and prompted the sell-off and when holders of large quantities of crypto jockey their coins around. It is indicative of a possible future sale that can prompt sharp price movements, especially in the likes of shiba inu, which has a particularly concentrated ownership. Now i know we've got a pretty large burn wallet in shebs, so i wonder if the reporters are reflecting that properly, but if we hop into sheep we've, definitely oh gosh yeah i mean we. We keep breaking through fibonacci support levels.

Here you can see. We definitely had solid bounces here off the 58 level we broke through pretty immediately through that support. We did come back, but this was really foreshadowing. The pain that was to come, and - and this is happening right now - live here on the 30 minute chart - we're seeing this decline on the one minute chart.

We're also seeing this decline here, sitting at 48.73 right now and uh yeah. It really is coming off of these fears of uh of of these whales moving money around so we'll see uh how long this pain lasts, particularly here uh. I suppose it. It depends what uh, what some folks do with their coins, but i can imagine if you i mean who knows maybe some of this, this falling is uh some some accounts starting to sell, i mean, obviously some accounts are starting to sell, but then again, if that Whale sold, we would have probably seen some movement there already uh.

Let's see here, let's go to block works, let's see if we can go to the account, so the block works covered. This block works, dot, co, so block works. See here i knew it was 2.76 see somebody it's just the the valuation changed. Maybe i was.

I thought i was right about the 2.76, but anyway here we can see the the account see look at this uh. Where was it there there? There look at that out 10 trillion coins, 10 trillion, 10 trillion, 10 trillion 10 trillion and then what we could do is we can look at the two address. Let's see two two two two, let's see how these guys are doing so these, so it looks like they're consolidating some money over here. Look at this: the dogs of elon, kisha, inu, kishu, inu uh, so a bunch of transfers in bunch of transfers in in and in alchemy as well.

Very interesting. I mean this is uh. It's pretty crazy. It's some pretty crazy amounts, but yeah you get these four wallets over here, uh and so so far i don't see any selling from this particular account, but anyway it's the fear of that.

That's leading to this rundown in sheep, and i think, maybe, when that fear, subsides shape, can can run back up. We did also have a little bit of uh trend pressure, though uh that we were really having trouble breaking above uh the the line over here. Our our trend line so keep an eye on that anyway. That's cheap,.