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SHIB Picture of a Shiba Inu dog

Why This Company Dumped Its SHIB Holdings And Wants To Sue Shiba Inu Founders

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On a downtrend since the end of October 2021, SHIB has lost most of the value is captured during this crypto market rally. This has had harsh consequences for holders, especially for those that took a big gamble on the token expecting appreciation.

Related Reading | Bitstamp Confirms Shiba Inu Listing After Setback

Health care company Ask The Doctor recently revealed that it has dumped its 31 billion SHIB into the market. The company included $1.5 million USD to their balance sheet at the beginning of December and moved to accept it as a payment method.

https://twitter.com/askthedr/status/1466073125628653571?s=20

Based in Canada and founded in the city of Toronto, 2014, Ask the Doctor is a “medical information website”. According to their Wikipedia page, the information platform was co-founded by Dr. Patrick Gold, former NBA professional basketball player Dikembe Mutombo, former NFL player Israel Idonije, and others.

Before integrating Shiba Inu into their treasury, the website showed interest in cryptocurrencies and the crypto industry. For years Ask The Doctor has been a crypto supporter.

As they claimed on their Twitter account, the platform integrated Bitcoin for one of their services in 2016. On November 23rd, they announced that FLOKI the native token for Floki Inu will be included as a payment option for health care services and published their holdings in other cryptocurrencies.

https://twitter.com/askthedr/status/1472560186439184385

After the announcement on their SHIB holdings and reminiscing about their crypto adoption through the years, Ask The Doctor said:

We have since pivoted our business model to create quality content and work with partners to provide you with more healthcare products/services. Crypto is a big part of our culture.

Ask The Doctor Sells Its SHIB At A Loss, Why Did They File For A Lawsuit

Until very recently, Ask The Doctor showed satisfaction for their Shiba Inu investment. However, the platform started accusing SHIB of being a “scam” and claimed the token was “about to head to zero and delisting”.

Today, they confirmed that they are planning to reveal the identities of SHIB’s developers as they believe it is “the biggest scam in crypto”. The main reason behind their accusation is the poor performance of the asset since the start of December 2021.

Ask The Doctor posted the following after they removed SHIB from their treasury:

We will begin our initial lawsuit filing against Shib token and Shytoshi Kusama in UK tomorrow. It’s our obligation to protect the crypto community from these potential scammers. We will get their identities.

Looking at the SHIB chart for a 4-hour time frame seems logical that Ask The Doctor will sell their holdings in this token. The cryptocurrency was coming from a pronounced descend and made a failed attempt to reclaim previous highs.

As Bitcoin and the rest of the crypto market entered a downwards trend, SHIB saw significant losses. These were recorded 2 days after Ask The Doctor added Shiba Inu to its treasury and have only continued to deepen as the market keeps on moving south.

Related Reading | High Praise For Shiba Inu As Flexa Begins Accepting SHIB Payments

As of press time, SHIB trades at $0.000032 with small gains in the 4-hour chart.

SHIB Shiba Inu SHIBUSDT
SHIB trends to the downside in the 4-hour chart. Source: SHIBUSDT Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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