A top Shiba Inu whale has transferred 469 billion SHIB tokens to the OKX exchange, a move that quickly drew attention from on-chain analysts. The tokens, valued at approximately $3.64 million, were transferred to an OKX-linked address in two separate transactions.
Breakdown Of The Shiba Inu Whale Transactions
Blockchain tracker EmberCN first reported the transaction of an early Shiba Inu whale who bought 103 trillion SHIB tokens in 2020 with 37.8 ETH worth roughly $13,700 at the time.
According to the on-chain sleuth, this Shiba Inu whale, which initially held 17.4% of the token’s total supply in 2020, has transferred 469 billion SHIB, worth approximately $3.64 million, into the OKX exchange.
On-chain data from Arkham Intelligence revealed that the Shiba Inu whale did not send the tokens directly but instead first transferred the SHIB tokens to an unidentified wallet in two transactions.
The Shiba Inu whale first divided the tokens, transferring a smaller chunk of 5 million SHIB and another 468.98 billion tokens to an unidentified wallet and subsequently moving all the tokens into OKX. Such structured transfers suggest a deliberate and planned move, reinforcing the notion that the whale may be managing liquidity rather than reacting impulsively to short-term price fluctuations.
Whale Still Controls a Massive SHIB Supply
Meanwhile, despite the sizeable deposit, this Shiba Inu whale remains one of SHIB’s largest holders. On-chain data indicates the wallet still holds over 96.684 trillion SHIB, representing roughly 16% of the total circulating supply. At current market prices, this remaining balance is valued at $727 million. The whale, which was an early SHIB buyer, had acquired its holdings long before the token gained mainstream popularity.
During the 2021 bull cycle, the value of these holdings briefly surged to $9.1 billion; yet, the whale refrained from selling, indicating a long-term interest.
Market Impact and Investor Sentiment
Whale activity continues to shape SHIB’s short-term market outlook. Transfers of this magnitude often heighten uncertainty among retail traders, particularly when tokens are transferred to centralized exchanges.
However, it is unclear how Shiba Inu has reacted to the latest transaction due to the widespread downturn across the market. Data from Coinmarketcap shows that SHIB is currently trading at around $0.0000075, reflecting a 4% decrease in the past 24 hours. Meanwhile, despite the slow market activity and whale movement, Shiba Inu has continued to see increased adoption.
Recently, Shiba Inu entered the US-regulated futures trading market with a Coinbase derivatives listing. Further, Shiba Inu was added to Japan’s green list alongside Bitcoin and Ethereum.
The CoinRemark Team
