Shiba Inu (CRYPTO: SHIB) gained 12% over the past month as whales moved billions of tokens between exchanges and private wallets, raising questions over selling or accumulation.
SHIB Whale Activity Heats Up
An unidentified wallet withdrew 125.33 billion SHIB, worth roughly $678,000, from a BitGo-affiliated address, according to Arkham data cited by TheCryptoBasic on Sept.10.
The tokens landed in a newly created wallet with no previous on-chain activity.
While exchange withdrawals can suggest an intention to hold rather than immediately sell, the wallet owner’s identity and plans remain unknown.
The transaction follows a much larger move involving a whale that had been dormant for more than three years.
On Sept. 6, the wallet transferred 407.99 billion SHIB, worth about $2.21 million, through a forwarding address to BitGo. The wallet had recorded no outflows since receiving 600 billion SHIB in July 2023 and still holds roughly 192 billion SHIB, TheCryptoBasic reported.
The BitGo deposit could indicate potential selling or custody activity, though an exchange-linked transfer alone does not confirm a sale.
Exchange Moves Spark Interest
CryptoQuant data showed 260.17 billion SHIB leaving exchanges in a single day compared with 182.58 billion entering, producing a negative netflow of 77.59 billion SHIB.
The transactions highlight growing whale activity around Shiba Inu, but their direction remains mixed.
Some large holders are moving tokens onto exchange-linked infrastructure while others are pulling substantial balances into private wallets.
Image: Shutterstock
Read Also: EXCLUSIVE: Kevin Warsh’s Hawkishness Is a ‘Distraction From His Dovishness,’ Truflation CEO Says