On-chain data shows that approximately 36.1 billion SHIB were transferred on September 10 from the Korean exchange Coinone to a single address. Although large transfers are typically interpreted by the market as reduced selling pressure, this movement did not trigger a price rebound for Shiba Inu; instead, SHIB declined by about 2% that day.
A single transfer amount approaches $1.87 million.
The largest transfer in this batch was 355.27 billion SHIB, valued at approximately $1.87 million according to the figures cited. Two additional transfers followed, amounting to 4.29 billion and 1.5 billion SHIB, respectively.
The receiving address is not a new wallet. On-chain data shows that this address currently holds approximately $23.53 million in crypto assets, including about $9.68 million in Ethereum and about $1.22 million in ONDO.
However, the identity of the wallet owner has not been disclosed, so this transfer cannot yet be directly classified as a buy-in operation—it could also be a custodial adjustment or another non-trading transfer.
Exchange net outflows increase
In addition to this large transfer, SHIB’s exchange balances have also been declining recently. Data shows that approximately 438.7 billion SHIB have exited exchanges during this period, while around 268.1 billion SHIB have entered, resulting in a net outflow of approximately 170.6 billion SHIB.
Under this change, exchange reserves decreased by approximately 0.2% to 87.23 trillion SHIB. Typically, a reduction in tokens available for immediate sale on exchanges tends to alleviate short-term selling pressure.
The price is still trading at a low level.
However, SHIB’s price movement did not improve in tandem. At the time of the report, SHIB was trading at approximately $0.00000503, still just above a key support level from 2026.
The article notes that SHIB’s current on-chain flow contrasts with earlier this month, when the rate of inflows to exchanges was significantly faster than outflows, resulting in more tokens returning to trading platforms and placing greater direct selling pressure on the market.
Even this time, despite significant withdrawal volumes and a decline in exchange reserves, the price performance remained weak, indicating that large address movements and short-term market trends are not synchronized.