This Thursday, on-chain analyst EmberCN reported that the largest Shiba Inu whale, who acquired 103 trillion SHIB in 2020, transferred 469 billion tokens (approximately $3.64 million) to the OKX exchange. This is a monumental move considering the investor still controls 16.4% of the total supply—a position that, at its 2021 peak, was valued at $9.1 billion.
The impact is reflected in a 5.2% drop in the price of SHIB over the last 24 hours, accumulating weekly losses of 10.9%. While Bitcoin and Ether show stability, memecoins are acting as a high-risk block. A transfer to an exchange does not confirm an immediate sale, but it provides the holder with the optionality to liquidate or use the assets as collateral in the face of sector weakness.
The activity of linked wallets will be under close scrutiny, as any massive liquidation by this dominant holder could sink the price. Furthermore, the ecosystem continues to digest the recent $4 million hack of Shibarium, keeping market sentiment in a phase of extreme caution and loss cauterization.
Source: https://x.com/EmberCN/status/2001460735315185847
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