A Shiba Inu mega-whale has transferred another 600 billion SHIB tokens worth approximately $3.09 million, continuing to reduce a position that once represented a significant share of the meme coin’s total supply.
According to on-chain analyst Ember, the wallet originally acquired 1.03 quadrillion SHIB in 2020 for just 37.8 ETH, worth about $13,700 at the time. That amount represented roughly 17.4% of Shiba Inu’s total supply. At SHIB’s 2021 peak, the wallet’s holdings were valued at as much as $9.1 billion.
The whale has gradually reduced its position over the years. Ember estimates that the wallet has now sold a cumulative 10.06 trillion SHIB, worth approximately $66.6 million at an average price of about $0.0000066 per token.
Despite those sales, the address still holds approximately 93.27 trillion SHIB, currently valued at around $478 million.
SHIB faces bearish market pressure
SHIB is also facing increased bearish pressure. At press time, the token was trading at approximately $0.000005093, down 1.47% based on the latest data.
SHIB’s 24-hour spot trading volume stood at $17.9 million, significantly below its $45.7 million futures volume. Open interest was approximately $51.75 million.
Data from the CoinGlass analytics platform showed near-term selling pressure. SHIB recorded net futures outflows of approximately $213,490 over the past hour, $383,540 over four hours and $476,760 over eight hours. Spot flows were also negative across all three periods.
Approximately $63,620 worth of SHIB positions were liquidated during the previous 24 hours. Long positions accounted for about $49,250 of the liquidations, compared with $14,370 in short positions.
Whale transfer is not an immediate bearish signal
The whale’s transfer of 600 billion SHIB should not automatically be interpreted as an immediate market sale. Blockchain transfers can also reflect routine movements between wallets controlled by the same holder.
However, the size of the remaining position makes the address significant. At current prices, the approximately 93.27 trillion SHIB still held by the wallet represents more than 1.5% of SHIB’s circulating supply.
SHIB is trading lower across the four-hour, 24-hour and seven-day time frames, while leveraged long positions are absorbing most of the liquidation losses.
It remains unclear whether the latest transfer will prove to be an isolated transaction or part of the whale’s continued strategy of reducing its SHIB holdings.
