SHIB Whale Withdraws 361 Billion Tokens From Coinone as Price Tests Support
A Shiba Inu whale has withdrawn 361 billion SHIB from South Korean cryptocurrency exchange Coinone as the token trades between two major moving averages, according to blockchain data from Arkham Intelligence.
The transfers were sent to the address 0x687c…459e across three separate transactions. The largest withdrawal involved 355.27 billion SHIB, valued at approximately $1.87 million, while two additional transfers contained 4.29 billion and 1.5 billion SHIB.
Together, the transactions brought the wallet's Coinone-related inflow to 361 billion SHIB, highlighting a sizable movement of the meme coin away from a centralized trading platform.
SHIB Whale Holds a $23.5 Million Crypto Portfolio
The receiving address controls a cryptocurrency portfolio worth approximately $23.53 million, suggesting it is associated with a substantial market participant.
Ethereum represents the largest reported holding at roughly $9.68 million, while the wallet also holds approximately $1.22 million worth of ONDO. The portfolio's assets have reportedly been accumulated over several months.
The wallet later moved smaller amounts of SHIB to Upbit and Korbit, two other South Korean cryptocurrency exchanges. Those transfers involved millions of tokens rather than billions, leaving the vast majority of the 361 billion SHIB withdrawal in the receiving wallet.
The smaller transactions could have been used to test exchange deposit gateways, although blockchain records do not establish the purpose of the transfers or reveal the identity of the wallet's owner.
The large withdrawal therefore does not, by itself, establish whether the holder intends to accumulate SHIB, maintain private custody or eventually return the tokens to the market.
SHIB Price Tests 100-Day Moving Average
The whale activity comes as SHIB trades near an important technical support zone.
SHIB was trading at approximately $0.0000050459, down 4.01%, with buyers struggling to regain control. The token remained positioned between its 100-day and 200-day simple moving averages.
The 200-day SMA stood near $0.0000053167, creating an overhead resistance level, while the 100-day SMA was around $0.0000049399 and served as nearby support.
SHIB's Relative Strength Index was 47.14, indicating weaker bullish momentum but not a deeply oversold market. The reading suggests neither buyers nor sellers have established overwhelming control at the current price level.
The technical structure places particular attention on the area around the 100-day SMA. Holding that level could allow SHIB to consolidate and give buyers another opportunity to challenge the 200-day moving average.
A sustained move above the 200-day SMA would represent an improvement in the token's near-term technical structure, while a failure to hold the $0.00000493 area could increase bearish pressure and bring levels around the July lows back into focus.
Exchange Withdrawals Do Not Confirm Accumulation
Large transfers from exchanges are often monitored because tokens moved into private custody are no longer immediately available for trading on that exchange. However, such movements should not automatically be interpreted as evidence of accumulation.
A holder can redistribute assets between wallets, transfer tokens to another trading venue or later deposit them back into an exchange. As a result, the Coinone withdrawal alone does not establish the whale's investment strategy.
For SHIB, the combination of the large Coinone withdrawal and subsequent smaller transfers to Upbit and Korbit provides a reason to monitor the wallet's activity, particularly whether the holder continues retaining the bulk of the tokens.
At the same time, price behavior around the 100-day and 200-day moving averages remains an important indicator of whether SHIB can stabilize or faces renewed selling pressure.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.