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.
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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.
Ask The Doctor has added ~$1.5M USD (approx 31B $shib) to our balance sheet via Kraken.
— Ask The Doctor ® (@askthedr) December 1, 2021
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.
Ask The Doctor as a company currently holds 10 different currencies on our balance sheet
As healthcare and technology evolve, we believe we need to as well.
— Ask The Doctor ® (@askthedr) December 19, 2021
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.
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As of press time, SHIB trades at $0.000032 with small gains in the 4-hour chart.