Chinese on-chain sources have reminded the market of one unpleasant but now more important than ever factor for the Shiba Inu (SHIB) token and its price: the whale known as "$13,752 purchased 103 trillion SHIB" on Arkham, also referred to as the "top SHIB donor". The trigger was a transfer of nearly 600 billion tokens, equivalent to $2.83 million, to the ForwarderV4 address.
This transaction launched a continuous chain of profit-taking, which has already cost investors a 14.5% decline in the SHIB price over the past month. Observers from EmberCN are sounding the alarm: the anonymous wallet has started systematically unloading assets accumulated at the very beginning of the project, when in August 2020 it bought 17.4% of the entire market supply, or 103 trillion SHIB, for a symbolic 37.8 ETH, worth about $13,752.
"Top SHIB donor" whale latest transfers with Shiba Inu (SHIB), Source: Arkham
At the peak of the 2021 bull run, this position was valued at an astronomical $9.1 billion, but for all these years the whale had been 'sitting on the bags' without moving them.
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Is the SHIB accumulation era over?
The situation changed after 3.8 trillion SHIB flowed into the market through the ForwarderV4 gateway over the past 30 days. In one month, the large seller withdrew and converted into cash more than $20.73 million, simply overwhelming exchange order books and leaving retail investors wondering if it is time to sell.
The overhanging supply is still pressuring the market, as the wallet still holds 96.27 trillion SHIB, worth around $457 million, as dead weight.
Weekly chart of the SHIB/USDT pair, Source: TradingView
The market's reaction to this hidden dump is clearly visible on the fresh weekly chart of the SHIB/USDT pair. The current weekly candle has literally broken through the floor, falling below the prolonged consolidation range and refreshing multi-year lows.
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The technical picture confirms the concerns of on-chain analysts: the price has dropped below the main liquidity node, leaving all trading volume above. This indicates that major buyers have removed their limit orders and are not ready to defend the asset at current levels.
The situation is worsened by the relative strength index (RSI), which remains stuck deep in bearish territory below the 50 level and continues to fall, signaling a complete lack of buying momentum. Any new transfers to the ForwarderV4 address risk finally crushing SHIB's chances of a price recovery.
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