A significant transaction of over 10.76 billion Shiba Inu (SHIB) tokens, worth approximately $153,337, has been observed on the Bybit cryptocurrency exchange. This move was initiated by a large and largely inactive wallet which transferred the SHIB in two parts: one major transaction totaling 10.768 billion SHIB and a smaller follow-up of 15 million SHIB.
The transfer occurred to the same ByBit deposit address. This represents the first major SHIB transaction by this wallet since nearly a year ago, when 1.6 billion SHIB were sent to KuCoin. The wallet also received substantial inflows from Binance hot wallets before becoming inactive.
However, activity on this address has been quiet until today’s significant transfer.
The SHIB price was around $0.00001419 at the time of the transfer, having cooled down after reaching local highs. Based on current chart analysis, SHIB is sitting above its 50-day moving average, though consolidating just below the resistance level of $0.000017.
The timing of this whale’s move suggests they may be capitalizing on recent gains or preparing to exit a long-held position.
The wallet now holds only a limited amount – just over $213 worth of ETH, BNB and some smaller tokens. This indicates the transfer was likely a complete exit rather than a rebalancing.
Read the original article on U.Today.