A major Shiba Inu (SHIB) investor has ended a 10-month dormancy period by completely zeroing out their balance. In a single transaction, they moved 399,989,999,938 SHIB tokens worth about $1.95 million, according to data from Arkham.
On-chain data reveals that the assets were not sent directly to an exchange, but through the BitGo: Forwarder smart contract. This relay address is used by the institutional custodian to automatically collect client funds and subsequently distribute them to cold storage pools or over-the-counter (OTC) venues.
"0x280a76" activity over the past 2 years, Source: Arkham
After the transfer was completed, only a dust balance of $71.89 remained on the whale's original address, indicating a full closure of this wallet.
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How Shiba Inu (SHIB) price crisis makes long-term holders cash out
The mysterious Shiba Inu coin investor became active exactly when the weekly SHIB/USDT candle closed with a 15.04% decline, fixing the price at $0.00000469. Perhaps, the direct trigger for the forced activation of the investor's risk protocols was the break below the key psychological support level of $0.00000550.
As a result of this drop, the current price is now almost 42% below the volume point of control, which is located at $0.00000816 and where the main mass of coins had been distributed over recent months.
Shiba Inu (SHIB) coin price chart on Binance, Source: TradingView
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Such a market sale in the current weakened spot market could instantly wipe out the order book and push SHIB another 2% lower. The use of custodial infrastructure allows the holder either to lock the coins in cold storage to secure other margin positions in the portfolio or to sell them through a hidden OTC deal without direct pressure on the exchange rate.
If the market fails to hold at current levels, the next zone of consolidation and bottom formation for the Shiba Inu coin might be the $0.00000400–$0.00000340 range. In this case, the risk of further sales by dormant SHIB holders may accelerate, but on the contrary, this may come as a "sweet spot" for whales willing to buy this meme coin dip.
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