A massive Shiba Inu transfer out of a South Korean exchange is creating an unusual divergence between large-holder activity and SHIB’s struggling price.
Blockchain analytics data flagged roughly 361 billion SHIB moving from Coinone into a single wallet on Sept. 10. The largest transaction contained 355.27 billion SHIB worth about $1.87 million, followed by transfers of 4.29 billion and 1.5 billion tokens.
The receiving address is not a small wallet. It holds roughly $23.53 million in crypto assets, including about $9.68 million of Ethereum and $1.22 million of ONDO.
The owner has not been identified, however, so the transfer cannot be confirmed as accumulation. It could represent custody restructuring or another non-trading movement.
What makes the transaction more interesting is what SHIB did afterward: almost nothing bullish.
The token was trading near $0.00000503, down roughly 2% on the day and hovering just above one of its most important support zones of 2026.
Exchange Supply Is Falling, but SHIB Is Not Rallying
The Coinone withdrawal arrived alongside a broader shift in exchange balances.
Recent flow data showed roughly 438.7 billion SHIB leaving exchanges, compared with about 268.1 billion flowing in, producing net outflows of approximately 170.6 billion SHIB. Exchange reserves slipped about 0.2% to 87.23 trillion SHIB.
Normally, fewer tokens sitting on exchanges can reduce immediately available sell-side supply.
Yet SHIB remains weak.
That is a notable reversal from the exchange-flow pressure seen earlier this month, when inflows were rising considerably faster than withdrawals and net supply was moving onto trading venues.
The latest numbers suggest that balance has now shifted in SHIB’s favor, but buyers have not yet turned lower exchange supply into higher prices.
