361 Billion SHIB Leave Coinone as Whale Builds $23.5 Million Portfolio

What to Know

• A whale withdrew 361 billion SHIB from Coinone through three transfers, bringing nearly $1.9 million into one private wallet address.
• The receiving wallet holds $23.53 million in assets, including Ethereum and ONDO, while recording limited outgoing activity across its portfolio.
• SHIB trades between SMA 100 support and SMA 200 resistance, while weakened momentum leaves its short-term direction uncertain for traders.

A Shiba Inu whale withdrew 361 billion SHIB from Coinone while the token traded near an important technical support level. According to Arkham Intelligence, the receiving address collected the tokens through three separate transfers from the South Korean cryptocurrency exchange.

The largest transaction contained 355.27 billion SHIB, valued at approximately $1.87 million, and moved into address 0x687c…459e. Two additional transfers involving 4.29 billion and 1.5 billion SHIB increased the wallet’s combined inflow to 361 billion tokens.

Notably, the recipient controls a cryptocurrency portfolio worth approximately $23.53 million, indicating that it belongs to a substantial market participant. Its holdings include roughly $9.68 million in Ethereum and $1.22 million in ONDO, accumulated steadily over recent months.

Several hours later, the wallet transferred relatively small SHIB amounts to Upbit and Korbit, two other South Korean trading platforms. Those transactions involved millions rather than billions of tokens, meaning the holder retained nearly the entire Coinone withdrawal. The smaller transfers may have tested exchange gateways, although blockchain records cannot confirm the wallet owner’s plans or identity.

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SHIB Price Compresses Between Two Moving Averages

Meanwhile, SHIB traded at approximately $0.0000050459, representing a 4.01% decline as buyers struggled to regain control. The token remained trapped between resistance at the 200-day simple moving average and support around the 100-day simple moving average.

Specifically, the SMA 200 stood near $0.0000053167, while the SMA 100 provided support around $0.0000049399. Furthermore, the Relative Strength Index registered 47.14, reflecting reduced bullish momentum without placing SHIB inside deeply oversold conditions.

Moving tokens away from an exchange can reduce immediately available supply when the receiving holder keeps them in private custody. However, exchange withdrawals cannot independently prove accumulation because holders may redistribute assets or return them to trading platforms later.

Maintaining the SMA 100 could support consolidation and provide buyers with another opportunity to challenge the SMA 200 resistance. Conversely, losing the $0.00000493 region could strengthen bearish pressure and expose price levels previously recorded around the July lows. Therefore, traders may monitor the whale’s movements alongside SHIB’s technical structure for signs of sustained holding or broader redistribution.

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