The on-chain data platform Arkham Intelligence has observed that the hot wallet of the South Korean exchange Coinone transferred a large amount of Shiba Inu (SHIB) tokens earlier in the day. The three transactions totaled approximately 361 billion SHIB tokens, which were sent to the address 0x687c...459e. Based on the data provided in the text, the value of this batch of tokens is estimated to be around 1.87 million US dollars.
Three transfers directed to the same address
The largest amount is 355.27 billion SHIB, with the other two amounts being 4.29 billion and 1.5 billion respectively. After the transfers were completed, that address received a total of approximately 361 billion SHIB.
Foreign media reports that this address itself is already a large-value holding wallet, with total assets of approximately $23.53 million. Its holdings have continued to increase over the past few months, mainly consisting of Ethereum and ONDO. In contrast to the large inflows, the amount of funds transferred out from this address during the same period was very small.
After receiving the tokens, there are only small-scale test transfers.
It was reported that a few hours after receiving this batch of SHIB, the address attempted to make test transfers to other South Korean trading platforms, but the amounts were significantly smaller, only in the millions, and there were no large transfers of several billion coins.
Based on this, foreign media believes that this batch of SHIB is currently being transferred to a single address for safekeeping, rather than immediately entering the selling process. The article also mentions that the related test transfers involve Upbit and Korbit, which may be used to check whether the exchange's recharge channels are functioning properly.
SHIB The price fell by about 4% on the same day.
In terms of market performance, SHIB fell by 4.01% on that day, closing at $0.0000050459. The article cited a chart from TradingView which indicated that the price is currently between two moving averages.
- The upper resistance level is the 200-day moving average, which is approximately $0.0000053167.
- The support level below is the 100-day moving average, which is approximately $0.0000049399.
- RSI The reading is 47.14
Foreign media commentary suggests that if the support level below remains valid, SHIB may continue to fluctuate within a certain range; however, if this support level is breached, prices could fall further. Based on current public blockchain activity, the large-scale purchases by Korean-related addresses this time do not yet show any signs of immediate selling.
