Shiba Inu (SHIB) Whale Wallet Moves 600 Billion Tokens Worth $3.09M

Whale Wallet Moves 600 Billion SHIB

A long-watched whale wallet has shifted 600 billion Shiba Inu (SHIB) tokens — roughly $3.09 million at prevailing prices — to a new address, on-chain data shows, reviving the question of whether one of the meme coin's earliest and largest holders is starting to exit. The memecoin's accumulation history makes the position remarkable: in 2020, the address picked up 1.03 quadrillion SHIB for just 37.8 ETH, a stake worth about $13,700 at the time and equal to roughly 17.4% of the entire supply. On-chain analyst Ember, who tracked the accumulation, notes the same position swelled to an on-paper value of $9.1 billion at SHIB's 2021 peak. The holder never cashed out in one stroke. Cumulative disposals now total 10.06 trillion SHIB for approximately $66.6 million, implying an average exit price of $0.0000066 per token. Even after years of trimming, the wallet still controls 93.27 trillion SHIB — about $478 million at current prices and more than 1.5% of circulating supply — which is why every movement from the address registers as a market event. Still, the latest transfer is not proof of selling: large on-chain shifts frequently reflect internal wallet rotation rather than distribution, and no exchange deposit tied to the 600 billion tokens has been confirmed yet, so treating the move as a definitive sell signal would be premature. Price action offers little either way. SHIB last traded near $0.000005093, down 1.47% on the day, with the four-hour, 24-hour and seven-day windows all pointing lower. Spot trading volume over 24 hours came in at $17.9 million, while futures turnover reached $45.7 million and open interest held near $51.75 million, per CoinGlass data. For context, our desk recently examined how Shiba Inu (SHIB) exchange outflows rebounded after a 42% drop as the market weighed this same sell-off question.

Burn Rate Slows as September Opens

The whale's weight over supply stands in sharp contrast to how little of the Shiba Inu token is actually being destroyed right now. Shibburn's burn tracker recorded 3.59 million SHIB sent to dead wallets at the start of September — a 49.90% drop in the daily burn rate, worth roughly $18. The slowdown is notable because the prior week ran hot: 51.02 million SHIB were burned over seven days, a 119% increase, lifting the 30-day total to 417.02 million tokens. Lifetime burns now stand at 410.84 trillion SHIB, or 41.08% of the initial 1 quadrillion supply, across 21,714 transactions. Our desk covered the recent spike in the Shiba Inu (SHIB) burn rate jumping 1,020% in a single day, so the start of September reads as a reversion rather than a breakdown. The market backdrop does the token no favors. SHIB traded near $0.0000051, down 1.06% over 24 hours and 3.51% on the week, while a broad risk-off day produced $366 million in crypto liquidations — $295 million from margin trading longs alone, per CoinGlass. Pressure traces to the macro calendar: Fed Chair Kevin Warsh's hawkish Jackson Hole speech on Friday flagged elevated inflation and helped drive a global bond sell-off, and CME FedWatch traders now put the odds of a September rate hike at 66%, up from about 40%. Seasonality compounds the caution. Since 2013, September has been Bitcoin's worst month on average, and SHIB has closed September lower in three of four years since 2022 — September 2024's 26.97% rally being the lone exception. A bull flag on the chart offers bulls modest encouragement, with short-term support watched at $0.00000488 and resistance at $0.00000537. Derivatives-focused traders can also review how SHIB spot flows turned negative in 7 of 8 timeframes after the last rejection near range highs. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

$0.00000488 Support in Focus

Read together, the two threads describe a supply story under strain. One wallet holding 93.27 trillion SHIB — more than 1.5% of circulating supply — is an overhang the burn mechanism, at roughly 3.59 million tokens per day, cannot absorb on any relevant timescale. Our reading of the on-chain record is that the 600 billion token transfer is rotation until proven otherwise; a confirmed deposit to a trading venue would flip it into a material sell signal. With the Shibburn ledger showing 41.08% of supply permanently removed and September seasonally hostile, the $0.00000488 support is the level that matters next. Ongoing developments are tracked in our Shiba Inu ecosystem hub.