SHIB Price Slips Amid $23M Whale Wallet Transfer

A recent Shiba Inu (SHIB) transaction has left analysts scratching their heads as a massive transfer of tokens out of a South Korean exchange contradicts the token's struggling price.

Roughly 361 billion SHIB was moved from Coinone into a single wallet on September 10, with the largest transaction containing 355.27 billion SHIB worth approximately $1.87 million.

The receiving address is not a small wallet, holding around $23.53 million in crypto assets, including about $9.68 million of Ethereum and $1.22 million of ONDO.

However, the owner of this wallet has not been identified, leaving it unclear whether this transfer represents accumulation or another non-trading movement such as custody restructuring.