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A Shiba Inu mega whale has moved another 600 billion SHIB worth roughly $3.09 million.
The holder has continued to unwind a position that once accounted for a huge share of the meme coin’s supply.
According to on-chain analyst Ember, the wallet originally acquired 1.03 quadrillion SHIB in 2020 for just 37.8 ETH, worth around $13,700 at the time (roughly 17.4% of Shiba Inu’s total supply). At SHIB’s 2021 peak, the enormous position was worth as much as $9.1 billion.
The whale has been gradually reducing that position over the years. Ember estimates that it has now sold a cumulative 10.06 trillion SHIB, worth about $66.6 million at an average price of roughly $0.0000066 per token.
Despite the sale, the address still holds approximately 93.27 trillion SHIB. It is currently valued at around $478 million.
Meanwhile, SHIB is facing more bearish pressure. At press time, the token is trading at about $0.000005093. It has dipped by 1.47% at the time of the latest data.
SHIB's 24-hour spot volume stood at $17.9 million in sharp contrast with $45.7 million in futures volume. Open interest was around $51.75 million.
There has been selling pressure in the near term, according to the data provided by the CoinGlass analytics platform. SHIB recorded net futures outflows of roughly $213,490 over the past hour, $383,540 over four hours and $476,760 over eight hours. Spot flows were also negative across those periods.
About $63,620 worth of SHIB positions were liquidated over the previous 24 hours, with longs accounting for roughly $49,250 compared with $14,370 in shorts.
Not an immediate bearish sign
The whale's 600 billion SHIB transfer should not automatically be interpreted as an immediate market sale. A blockchain transfer can indicate a rather mundane movement between different wallets.
Nevertheless, the scale of the remaining position makes the wallet significant. At current prices, the roughly 93.27 trillion SHIB still held by the address account for more than 1.5% of SHIB's circulating supply.
SHIB is trading lower across the four-hour, 24-hour, and seven-day windows, while leveraged long positions are taking most of the liquidation hit.
It remains to be seen whether the latest transfer proves to be an isolated move.
U.Today Editorial Team
Dan Burgin
