Key Takeaways
A Shiba Inu wallet that sat untouched for nearly 10 months transferred 399.98 billion SHIB through BitGo's infrastructure this week, emptying the address as the memecoin slid 16% and lost the $0.000005 support level.
"The wallet first sent a test transaction of 10 million SHIB via MetaMask before moving the bulk through BitGo's Forwarder Smart Contract across three transfers," Arkham Intelligence data shows.
The holder moved 111.9 billion SHIB, then 189.9 billion, then a final 98.9 billion, leaving just 110 tokens in the wallet. BitGo's infrastructure is commonly used by institutional players for over-the-counter deals or cold storage consolidation — neither of which registers as a sell on public exchanges. The timing coincided with a broader crypto downturn that pushed SHIB down 17.7% over the past week to $0.000004535 as of press time.
The whale's reactivation arrived alongside $382,000 in SHIB futures liquidations over 24 hours, with long traders absorbing $365,660 of the losses — a dynamic that raises the stakes for SHIB's next move as it sits at 29th place among cryptocurrencies with a $2.65 billion market cap.
The transfers do not confirm a market sale. Institutional investors frequently use BitGo to move assets into cold storage or settle OTC trades without creating visible selling pressure. Still, the decision by a holder sitting on a position worth tens of millions of dollars to act during a week of broad market declines drew immediate attention from traders tracking whale flows.
SHIB's decline has pushed the token toward the edge of the top 30 cryptocurrencies by market capitalization. The token now trades at $0.000004535, down 3.5% in the past 24 hours, after breaching the psychological $0.000005 floor that had held since late May.
The liquidation data shows the one-sided nature of the selloff. CoinGlass data shows $365,660 in long positions were wiped out against just $17,320 in short liquidations, indicating leveraged bulls were caught off guard by the speed of the decline.
This article is for informational purposes only and does not constitute investment advice.
