Coinone Whale Withdraws $1.87 Million in Shiba Inu (SHIB)... 'Testing the Waters' with Upbit and Korbit

▲ Shiba Inu (SHIB), cryptocurrency wallet/AI generated image

361 billion SHIB of Shiba Inu (SHIB) has been withdrawn from a domestic cryptocurrency exchange and moved to a large wallet.

According to U.Today on September 10 (local time), blockchain analytics platform Arkham Intelligence detected a large-scale Shiba Inu withdrawal from Coinone's hot wallet. 355.27 billion SHIB was moved to address 0x687c...459e. The estimated value at the time was $1.87 million. An additional 4.29 billion SHIB and 1.5 billion SHIB flowed into this wallet. The total amount secured by this wallet reached 361 billion SHIB.

The total asset value of this wallet is $23.53 million. Its holdings have steadily increased over the past few months. It holds $9.68 million in Ethereum (ETH) and $1.22 million in ONDO. U.Today reported that, unlike the large inflow of Shiba Inu, the amount withdrawn from the wallet was negligible.

Following the large deposit, small movements towards domestic exchanges were also detected. A few hours later, the wallet sent test transactions to Upbit and Korbit. The scale of these movements was in the millions of SHIB, not billions. U.Today interpreted this as an action to confirm exchange transfer routes rather than a large-scale sale.

In terms of technical trends, a tug-of-war continues between key moving averages. The 200-day simple moving average is acting as resistance at $0.0000053167. The 100-day simple moving average is acting as support at $0.0000049399. The Relative Strength Index (RSI) recorded 47.14, indicating weakened short-term upward momentum.

U.Today noted that this wallet is consolidating a large amount of Shiba Inu into one address. However, whether a future sale will occur has not been confirmed. The media suggested that the defense of the 100-day simple moving average is a key variable that will determine future trends. It also analyzed that if the support level breaks, the July low could be retested.

[Article Key Summary]

-355.27 billion SHIB was withdrawn from Coinone, and including additional amounts, a total of 361 billion SHIB was gathered in one wallet.

-The total asset value of this wallet is $23.53 million, and after the large inflow of Shiba Inu, small test transactions to Upbit and Korbit were detected.

-Shiba Inu is technically testing its direction between the 100-day simple moving average and the 200-day simple moving average.

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