A Shiba Inu (SHIB) whale has withdrawn 361 billion tokens from South Korean cryptocurrency exchange Coinone while SHIB trades between its 100-day and 200-day simple moving averages, according to blockchain data from Arkham Intelligence.

The transfers were sent to the address 0x687c…459e in three separate transactions. The largest involved 355.27 billion SHIB, valued at approximately $1.87 million. Two additional transfers contained 4.29 billion and 1.5 billion SHIB, respectively.

Together, the transactions brought the wallet’s Coinone-related inflow to 361 billion SHIB, representing a substantial movement of the meme coin away from a centralized trading platform.

Receiving Wallet Holds Approximately $23.5 Million in Crypto

The receiving address controls a cryptocurrency portfolio worth approximately $23.53 million, indicating that it is associated with a substantial market participant. Ethereum is the wallet’s largest reported holding, at roughly $9.68 million, while the address also holds approximately $1.22 million worth of ONDO.

The portfolio’s assets have reportedly been accumulated over several months. The wallet later transferred smaller amounts of SHIB to Upbit and Korbit, two other South Korean cryptocurrency exchanges. Those transactions involved millions of tokens rather than billions, leaving the vast majority of the 361 billion SHIB withdrawn from Coinone in the receiving wallet.

The smaller transfers may have been used to test exchange deposit gateways, although blockchain records do not establish their purpose 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, keep the tokens in private custody or eventually return them to the market.

SHIB Trades Between the 100-Day and 200-Day Moving Averages

The whale activity comes as SHIB trades near a technical support zone. SHIB was trading at approximately $0.0000050459, down 4.01%, while remaining positioned between its 100-day and 200-day simple moving averages.

The 200-day SMA stood near $0.0000053167, creating an overhead resistance level. 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 that neither buyers nor sellers had established overwhelming control at the reported 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 downward 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 the subsequent smaller transfers to Upbit and Korbit provides a reason to monitor the wallet’s activity, particularly whether the holder continues to retain most of the tokens. Price behavior around the 100-day and 200-day moving averages also remains relevant to whether SHIB can stabilize or faces renewed selling pressure.

Writer: Marcus Renfield, Crypto Market Analyst & Onchain Writer

Marcus Renfield covers cryptocurrency markets with a focus on on-chain 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.

Source: Hokanews