On-chain analytics sources report that a well-known large Shiba Inu wallet has re-emerged as a major player in the market. The wallet, dubbed the “biggest SHIB distributor,” recently transferred nearly 600 billion SHIB to the ForwarderV4 address, fueling increased selling pressure. The value of this latest transaction was calculated at $2.83 million.
Large wallet’s renewed selling activity draws attention
According to an analysis shared by EmberCN, the anonymous wallet has begun systematically reducing its holdings acquired during Shiba Inu’s early days. Data shows that this wallet purchased 103 trillion SHIB in August 2020 for 37.8 ETH, worth about $13,752 at the time, representing 17.4% of the total supply.
Shiba Inu, created on the Ethereum blockchain, gained traction as a meme coin particularly popular among retail investors. The wallet in question has long been watched by the market due to its sizeable SHIB balance.
EmberCN notes that in the past 30 days, this wallet has transferred 3.8 trillion SHIB to the market via ForwarderV4, resulting in more than $20.73 million in total outflows in just one month.
During the bull run of 2021, the holdings in this wallet peaked at $9.1 billion. Despite remaining inactive for years, the wallet has recently resumed regular transfers and is now once again active in the market.
Market analysts suggest that the selling pressure is not yet over, as the same wallet still holds 96.27 trillion SHIB. At current prices, this stash is valued at approximately $457 million.
| Indicator | Data |
|---|---|
| Initial purchase amount | 103 trillion SHIB |
| Initial purchase cost | 37.8 ETH, about $13,752 |
| Latest transfer | Approximately 600 billion SHIB |
| 30-day total outflow | 3.8 trillion SHIB |
| Remaining wallet balance | 96.27 trillion SHIB |
Selling pressure deepens on the chart
Price action has closely mirrored on-chain data. On the SHIB/USDT weekly chart, the token dropped below a long-standing horizontal support range, reaching new multi-year lows. Over the past month, SHIB has fallen 14.5%, further confirming its bearish trend.
The technical outlook shows that SHIB’s price has broken below its main liquidity zone. Despite heavy trading at higher levels, buyers have not shown strong support at current prices.
Analysts highlight that the relative strength index has remained below 50 and continues its downward trajectory. This pattern signals subdued buying appetite, and additional SHIB transfers to the ForwarderV4 address could make any recovery even more challenging.
