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A Shiba Inu mega whale has moved another 600 billion $SHIB worth roughly $3.09 million.
The holder has continued to unwind a position that once accounted for a huge share of the meme coin’s supply.
According to on-chain analyst Ember, the wallet originally acquired 1.03 quadrillion $SHIB in 2020 for just 37.8 ETH, worth around $13,700 at the time (roughly 17.4% of Shiba Inu’s total supply). At $SHIB’s 2021 peak, the enormous position was worth as much as $9.1 billion.
The whale has been gradually reducing that position over the years. Ember estimates that it has now sold a cumulative 10.06 trillion $SHIB, worth about $66.6 million at an average price of roughly $0.0000066 per token.
Despite the sale, the address still holds approximately 93.27 trillion $SHIB. It is currently valued at around $478 million.
Meanwhile, $SHIB is facing more bearish pressure. At press time, the token is trading at about $0.000005093. It has dipped by 1.47% at the time of the latest data.
$SHIB's 24-hour spot volume stood at $17.9 million in sharp contrast with $45.7 million in futures volume. Open interest was around $51.75 million.
There has been selling pressure in the near term, according to the data provided by the CoinGlass analytics platform. $SHIB recorded net futures outflows of roughly $213,490 over the past hour, $383,540 over four hours and $476,760 over eight hours. Spot flows were also negative across those periods.
About $63,620 worth of $SHIB positions were liquidated over the previous 24 hours, with longs accounting for roughly $49,250 compared with $14,370 in shorts.
Not an immediate bearish sign
The whale's 600 billion $SHIB transfer should not automatically be interpreted as an immediate market sale. A blockchain transfer can indicate a rather mundane movement between different wallets.
Nevertheless, the scale of the remaining position makes the wallet significant. At current prices, the roughly 93.27 trillion $SHIB still held by the address account for more than 1.5% of $SHIB's circulating supply.
$SHIB is trading lower across the four-hour, 24-hour, and seven-day windows, while leveraged long positions are taking most of the liquidation hit.
It remains to be seen whether the latest transfer proves to be an isolated move.