Interesting events unfolded today with the Shiba Inu token, just as the market heads into the weekend, and crypto never sleeps. According to Arkham, wallet “0x9d9f823” withdrew from CoinOne, a major South Korean cryptocurrency exchange and one of the oldest in the country, 65.244 billion SHIB, equivalent to just over $394,000.
True believer or exchange proxy? Deciphering 1.6 trillion SHIB balance
Beyond the fact that this Shiba Inu transaction became one of the largest exchange outflows of the day, the wallet itself is less interesting, as this was its first transfer involving SHIB in more than two months. What is even more unusual is that this wallet has only ever been withdrawn from Shiba Inu and always from the same exchange, CoinOne.
All transactions over the past two years have been withdrawals from CoinOne. And only Shiba Inu.
As a result, the wallet now holds 1 trillion, 616 billion SHIB, equivalent to $9.45 million. In addition, the wallet contains one Ether and what is commonly referred to as “dust.”
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One can assume that the wallet is somehow affiliated with the exchange itself. That would be the simplest explanation, as such belief in Shiba Inu measured in the millions of dollars, without any other activity besides withdrawals from the exchange into a wallet, is unlikely to represent anything else.
However, neither Arkham nor any other on-chain data explorer tags this wallet as belonging to CoinOne, which still leaves open the possibility that the address does not belong to the exchange but to an actual SHIB believer, despite all the price perturbations as the token continues to print new lows in search of a bottom.
In conclusion, it is certainly worth monitoring the whale’s further actions, although judging by the history of its transactions, it is unlikely to do anything other than withdraw Shiba Inu tokens from CoinOne over the coming months.