On-chain data shows that approximately 361 billion SHIB were transferred from the South Korean exchange Coinone to a single address on September 10. Although large transfers are usually interpreted by the market as a bearish pressure, this capital movement did not lead to a rebound in the price of Shiba Inu; instead, the price of SHIB fell by about 2% on that day.

A single transfer amounted to nearly $1.87 million.

In this batch of transfers, the largest amount is 355.27 billion SHIB, which is valued at approximately 1.87 million US dollars according to the text. Following that, there are two additional transfers of 4.29 billion and 1.5 billion SHIB respectively.

The receiving address is not a new wallet. According to on-chain information, this address currently holds approximately $23.53 million in cryptocurrency assets, including about $9.68 million in Ethereum and about $1.22 million in ONDO.

However, the identity of the wallet owner has not yet been made public, so this transfer cannot be directly identified as an increase in holdings for the time being; it could also be a custody adjustment or some other non-trading transfer.

Exchange net outflows increase

In addition to this large transfer, the exchange balance of SHIB has also been declining recently. Data shows that in recent times, approximately 438.7 billion SHIB have flowed out of the exchange, while about 268.1 billion have flowed in, resulting in a net outflow of around 170.6 billion.

Under this change, the exchange's reserves decreased by about 0.2%, falling to 87.23 trillion SHIB. Generally speaking, a reduction in the number of tokens that exchanges can sell immediately tends to alleviate short-term selling pressure.

Prices are still lingering at low levels.

However, the trend of SHIB has not improved synchronously. At the time of the report's release, the price of SHIB was around 0.00000503 US dollars, still lingering not far above the important support area from 2026.

The article points out that the current on-chain flow of SHIB contrasts with what was observed earlier this month. At that time, the inflow to exchanges was significantly faster than the outflow, with more tokens returning to the trading platforms, putting the market under greater direct selling pressure.

And this time, even with a relatively large-scale withdrawal of funds and a decline in exchange reserves, the price performance remained weak, indicating that there is no synchronous relationship between significant movements in large accounts and the short-term market trend.