361B SHIB Leaves Coinone as Shiba Inu Price Falls
About 361 billion Shiba Inu (SHIB) tokens moved from South Korean exchange Coinone to a single whale wallet on September 10. The largest transfer involved 355.27 billion SHIB, worth about $1.87 million, followed by transfers of 4.29 billion and 1.5 billion SHIB.
The receiving wallet holds approximately $23.53 million in crypto assets, including $9.68 million in Ethereum (ETH) and $1.22 million in Ondo (ONDO). However, the owner is unidentified, so the transfer cannot be confirmed as whale accumulation. It may instead reflect custody restructuring or another non-trading transaction.
The Shiba Inu price showed little positive reaction. SHIB traded near $0.00000503, down roughly 2% over 24 hours and close to a key 2026 support zone.
Broader exchange data showed about 438.7 billion SHIB leaving exchanges versus 268.1 billion entering them. This produced net outflows of approximately 170.6 billion SHIB, while exchange reserves fell 0.2% to 87.23 trillion tokens. Although declining exchange supply can reduce immediate selling pressure, Shiba Inu has not yet attracted enough buying interest to trigger a recovery. Traders should monitor the support zone, whale activity and whether net outflows continue.
Neutral
The market impact is neutral because the transfer provides a potentially bullish supply signal but no confirmed evidence of accumulation. Large SHIB withdrawals can reduce tokens available for immediate selling, and the reported 170.6 billion SHIB net exchange outflow may support prices over the longer term if it continues. Similar exchange outflow events in crypto markets have sometimes preceded recoveries, particularly when they are linked to long-term holders.
However, SHIB fell about 2% after the transfer and remained near a major support zone. This suggests that demand is currently too weak to convert lower exchange balances into upward price momentum. The receiving wallet also holds multiple assets, and its ownership and intentions are unknown. As a result, traders should not treat the movement as definitive whale accumulation.
In the short term, weak price action near support could increase volatility and raise the risk of a breakdown if broader crypto sentiment deteriorates. A sustained break below support would be bearish, while continued net outflows combined with rising volume and a reclaim of resistance could improve the outlook. Longer term, persistent exchange withdrawals may reduce sell-side liquidity, but SHIB still needs stronger demand and broader market support before the flow data becomes a reliable bullish catalyst.