A significant movement of Shiba Inu (SHIB) tokens from Coinone, a major South Korean cryptocurrency exchange, has drawn attention for its size and timing as the asset’s market price remains under pressure despite shrinking exchange supply.
Large Transfer Out of Coinone Raises Eyebrows
On September 10, blockchain analytics platforms tracked a transfer of approximately 361 billion SHIB from Coinone to a single wallet. The bulk of the transfer involved 355.27 billion SHIB, valued at nearly $1.87 million at the time. Two additional transfers made up the rest, with 4.29 billion and 1.5 billion SHIB moved, respectively.
The recipient address is not believed to be a minor participant in the crypto ecosystem. Blockchain data show the wallet holds about $23.53 million in digital assets, including roughly $9.68 million in Ethereum and $1.22 million in ONDO tokens.
The identity of the wallet’s owner remains unknown. As a result, analysts cautioned that it is unclear whether this transfer represents accumulation of SHIB by a single investor or a reorganization of custodial holdings.
Despite the scale of the withdrawal, SHIB’s market reaction was subdued. The token traded near $0.00000503, down about 2% on the day and hovering just above one of its major support levels for 2026.
Despite a surge in large withdrawals from exchanges, SHIB’s spot price continues to languish near key support, offering little sign of a bullish response to reduced supply pressure.
Outflows from Exchanges Continue, but Price Stagnates
The sizeable Coinone transaction happened as part of a broader trend in SHIB’s on-chain activity: more tokens are leaving centralized exchanges than are arriving. Recent data point to roughly 438.7 billion SHIB going out of exchanges during the period, while 268.1 billion SHIB flowed in, resulting in net outflows of about 170.6 billion SHIB.
As a consequence, the total SHIB reserves held by exchanges fell by 0.2%, now standing at 87.23 trillion tokens. In many cases, declining exchange balances can signal a reduction in immediate sell pressure, since fewer tokens are readily accessible for sale on trading platforms.
Earlier in the month, trends had looked different, with exchange inflows rising faster than withdrawals and net supply moving onto marketplaces. The current reversal suggests that, at least temporarily, the balance of exchange flows now favors SHIB withdrawals.
However, despite this supply-side shift, demand has yet to pick up. Buyers appear hesitant, and the reduction in exchange supply has not yet translated into a price recovery for SHIB.
| Metric | Value |
|---|---|
| SHIB withdrawn from exchanges | 438.7 billion |
| SHIB deposited to exchanges | 268.1 billion |
| Net outflow | 170.6 billion |
| SHIB exchange reserves | 87.23 trillion |
| Current SHIB price | $0.00000503 |
| Daily change | -2% |
Mini dictionary: Coinone is a leading South Korean cryptocurrency exchange, known for listing major digital assets and supporting local trading volume.
