A major Shiba Inu whale has transferred more than 370 billion SHIB tokens to the Bitget cryptocurrency exchange in a single day.
Notably, this sudden activity on February 24 has sparked speculation about potential selling pressure and near-term price volatility.
Key Points
- An unknown whale transferred over 370 billion SHIB to the Bitget exchange across five transactions.
- The largest single transaction contained 203 billion SHIB tokens.
- Besides SHIB, the whale also moved other tokens, such as ETH and PEPE, to exchanges.
- Despite the massive outflow, the whale still holds 371 billion Shiba Inu.
Whale Shifts 370B SHIB to Bitget
On February 24, the long-term SHIB holder reignited market attention after moving 370.77 billion SHIB to Bitget across five separate transactions. This wave of deposits has heightened speculation that the whale may be preparing to sell, potentially causing short-term price volatility.
According to Arkham data, the whale initiated the transfers with two separate transactions of 37 billion SHIB each, followed by deposits of 71.27 billion SHIB and 203.53 billion SHIB, before concluding with a final transfer of 21.29 billion tokens.
Two Months of Inactivity
Meanwhile, the timing of the transfers proved notable. Before these deposits, the wallet had been mostly inactive for nearly two months. Its last outbound SHIB movement involved just 241.98 million tokens, which the whale sent to Binance.
This abrupt transition from dormancy to massive outflows suggests a potential shift in market strategy. Historical on-chain data shows that the whale accumulated most of its SHIB holdings more than a year ago through multiple large inflows from Binance.
Consequently, this extended accumulation phase indicates that the latest transfers may reflect profit-taking or risk reduction amid heightened market volatility. Notably, Shiba Inu’s price has repeatedly fallen below $0.000006, highlighting the challenging market environment and increasing pressure on speculative assets.
Other Large Non-SHIB Transactions
Beyond SHIB, the whale has also offloaded substantial amounts of Ethereum, PancakeSwap, and Pepe within the past 24 hours. Despite these significant outflows, the wallet continues to hold 371 billion SHIB worth $2.2 million, making SHIB the second-largest asset by dollar value in the portfolio.
Meanwhile, PEPE remains the dominant holding, with a valuation of $5.24 million. This composition underscores the whale’s continued appetite for select high-risk, high-reward investments.
At the moment, it remains unclear whether the whale will liquidate the transferred tokens on Bitget. However, large exchange inflows often precede selling activity, suggesting the potential for increased volatility.
Should the whale proceed with liquidation, SHIB could face temporary downside pressure. Conversely, if the tokens remain idle on the exchange, the market impact may remain muted. At press time, SHIB trades at $0.000005960, hovering below the critical $0.000006 threshold.
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