SHIB Whale Withdraws $1.87 Million in Tokens Amid Market Volatility

A substantial withdrawal of SHIB tokens from Coinone has caught attention in the crypto market. A Shiba Inu whale withdrew 361 billion SHIB, valued at approximately $1.87 million, as the token trades near a crucial support zone.

The large withdrawal occurred across three separate transactions, with the largest transfer involving 355.27 billion SHIB. The tokens were sent to an address associated with a significant crypto portfolio worth around $23.53 million.

Ethereum represents the largest holding in this wallet, followed by ONDO and other assets. The holder has been accumulating these funds over several months.

The whale activity comes as SHIB struggles to regain control near its 100-day moving average. Buyers are currently facing resistance at the 200-day SMA, with the token's Relative Strength Index indicating weaker bullish momentum.