Shiba Inu Whale Dumps 37 Million Tokens Onto Exchanges… Will Support Level Break?

▲ Shiba Inu (SHIB)

A long-dormant Shiba Inu (SHIB) whale has triggered a strong sell-off alert in the market by transferring a massive volume of tokens to an exchange.

According to crypto-focused media outlet The Crypto Basic on February 25 (local time), a whale investor holding a large amount of SHIB transferred 370.77 billion SHIB to the Bitget exchange on the 24th. The transfers were carried out in five separate transactions, with Arkham data analysis showing that the largest single transfer amounted to 203.53 billion SHIB. As the wallet had been inactive for two months before this sudden large-scale movement of assets, market observers speculate that profit-taking or risk-management-driven selling may be imminent.

The whale had maintained a long-term holding strategy after acquiring a substantial amount of SHIB from Binance approximately one year ago. However, as SHIB’s price fell below the key support level of $0.000006 and selling pressure intensified, the investor appears to have revised the strategy. When a long-dormant wallet awakens and deposits a significant volume of tokens into an exchange, it is typically interpreted as preparation for selling, which can amplify short-term price volatility.

The whale’s actions were not limited to Shiba Inu. Over the past 24 hours, the investor also transferred large amounts of other digital assets, including Ethereum (ETH), PancakeSwap, and Pepe (PEPE), to exchanges. Despite the substantial asset movements, the wallet still holds 371 billion SHIB worth approximately $2.2 million. In the whale’s current portfolio, SHIB represents the second-largest holding after PEPE, which is valued at about $5.24 million.

The market is closely watching whether the tokens deposited into Bitget will be sold at market price. If the whale liquidates the deposited amount immediately, SHIB could face additional downward pressure. Conversely, if the tokens remain idle within the exchange, the market impact may be limited. SHIB is currently trading at around $0.000005960 and is struggling to reclaim the psychological support level of $0.000006.

Recently, the broader cryptocurrency market has shown instability, with Bitcoin (BTC), the leading asset, displaying signs of decoupling from the stock market. In this environment, large-scale fund movements by a memecoin whale further heighten investor caution. Experts advise that despite developments such as Shibburn initiatives and network upgrades within the Shiba Inu ecosystem, investors should exercise thorough risk management, as signs of major holder exit have emerged.

In conclusion, Shiba Inu is facing a dual challenge: the negative impact of a massive whale deposit and the technical breakdown of a key support level. With the possibility that over 370 billion tokens could enter the market, the short-term outlook has become increasingly uncertain. Investors should closely monitor whether actual sell orders are executed on Bitget, as well as the future movement of the remaining 371 billion SHIB, in order to formulate appropriate response strategies.

*Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. The publisher is not responsible for any investment losses incurred based on this content.*