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Shiba Inu (SHIB) rallied 22% this weekend amid sudden transfer of 20,841,045,129 tokens from OKX’s hot wallet into the exchange's cold storage, as visible on Arkham, taking over $132,000 worth of SHIB out of circulation.
Price-wise, the recovery has been fast for the Shiba Inu coin, with it reclaiming $0.0000062 and showing signs of demand absorption. While the crypto market overall remains in extreme fear conditions, the timing of the wallet shuffle suggests a change in SHIB’s local order book structure.
Why 20,841,045,129 Shiba Inu (SHIB) just disappeared from OKX order books
Shiba Inu (SHIB) just had one of its biggest centralized exchange shuffles in weeks. According to on-chain data by Arkham from Feb. 7, 20.84 billion tokens worth about $132,130 were suddenly taken out of OKX's hot wallet and moved into cold storage. The transfer happened during a period of SHIB testing price levels not seen since early 2023.
With the timing — during a brutal 30% drawdown from week's opening and a consequential 22% recovery — the move prompts some speculation. Could this be a sign of exchange reserve management, plunge protection or order books restructuring?
SHIB's price is now quoting near $0.00000626 after a failed bounce off the $0.0000068 support level it had hit before. With that in mind, a potential breakdown zone for the Shiba Inu coin remains as low as $0.0000046.
This OKX move is also a rare example of token-specific divergence in a larger trend of meme coin sell-offs. While most altcoins are seeing huge outflows, SHIB is being locked away, which is usually a sign of long-term supply adjustment. This 20.8 billion SHIB move could be a big deal, or it could be nothing. Either way, it is not happening just like that.
Gamza Khanzadaev
Arman Shirinyan