Shiba Inu Whale Transfers 361 Billion Tokens in Baffling Move
A significant transaction involving Shiba Inu (SHIB) tokens has taken place on South Korean exchange Coinone, according to blockchain analytics platform Arkham Intelligence.
A total of 361 billion SHIB tokens were transferred from the hot wallet of Coinone to a major wallet with a balance of $23.53 million.
The whale wallet's holdings have been growing steadily over the past several months through the accumulation of Ethereum and ONDO tokens.
The transfer was followed by small test transactions to other South Korean platforms, but the amounts involved were negligible compared to the billions of SHIB received.
This maneuver suggests that the major South Korean player has no intention of selling the assets, instead choosing to concentrate billions of SHIB at a single address while the token's price tests a key support zone.