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Earlier this morning, blockchain analytics platform Arkham Intelligence detected a major withdrawal of Shiba Inu (SHIB) tokens from the hot wallet of South Korean exchange Coinone. A total of 355.27 billion tokens ($1.87 million) was transferred to address 0x687c...459e. Including two additional smaller transactions involving 4.29 billion and 1.5 billion tokens, the wallet accumulated 361 billion SHIB.
This is a major wallet with a total balance of $23.53 million, and its holdings have steadily grown over the past several months through the accumulation of Ethereum ($9.68 million) and ONDO ($1.22 million). However, while the whale received billions of tokens, its outgoing transactions were negligible.
Several hours after receiving the funds, the wallet sent test transactions to other South Korean platforms, but the amounts involved were tiny by the token's standards—not billions, but millions.
These maneuvers coincided with an important technical test on the SHIB/USD chart provided by TradingView. The token is down 4.01% to $0.0000050459. The price has been caught in a vise: long-term resistance at the SMA 200 ($0.0000053167) is pressing from above, while the SMA 100 support line ($0.0000049399) is holding from below. The RSI reading of 47.14 confirms a local loss of bullish momentum.
Two scenarios for Shiba Inu (SHIB) in the coming days
For now, this maneuver means only one thing: the major South Korean player has no intention of selling the assets. The whale is deliberately vacuuming up the market and concentrating billions of SHIB at a single address while the token's price tests a key support zone. The transfer of small batches involving millions of tokens to Upbit and Korbit is merely a technical test of the exchange gateways ahead of possible further action.
Right now, SHIB's price is balancing on a razor's edge. If this whale continues to defend the psychologically important SMA 100 level at $0.00000493, the chart could enter a tight sideways range, gathering strength for another attempt to break through the SMA 200.
If the support fails, however, the coming days could mark the beginning of a prolonged downtrend, with the price retreating toward its July lows.
U.Today Editorial Team
Dan Burgin
