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ETH 
SHIB Coinone's massive transfer of SHIB has attracted attention, and price pressure remains unchanged.
Although Shibuya Inu (SHIB)'s exchange supply continues to shrink, its market price is still under pressure. Recently, a large number of SHIB tokens transferred from Coinone, South Korea's major cryptocurrency exchange, have attracted much attention due to their size and timing.
The large transfer of Coinone triggered market speculation
On September 10, the blockchain data analysis platform tracked a transaction of approximately 361 billion SHIB tokens transferred from Coinone. Among them, the vast majority were 355.27 billion SHIBs, valued at nearly US$1.87 million at the time. The rest consists of two additional transfers involving 4.29 billion and 1.5 billion SHIBs respectively.
The receiving address is not an ordinary participant in the encryption ecosystem. Online data shows that the wallet holds approximately $23.53 million in digital assets, including approximately $9.68 million in Ethereum and $1.22 million in ONDO tokens.
As the identity of the wallet owner is unclear, analysts warned that it is unclear whether the transfer is an accumulation by a single investor or a reconfiguration of custody positions.
Despite the huge scale of withdrawals, the market response of SHIB was relatively flat. The token was trading at approximately US$0.0000503, down approximately 2% on the day and hovering above the main support level for 2026.
Despite a surge in large withdrawals from exchanges, SHIB spot prices remained sluggish near key support levels, indicating that easing supply pressure has not brought bullish signals.
Capital outflows continue, but prices stagnate
This large Coinone deal is part of a broader trend of activity on the SHIB chain: more tokens are leaving centralized exchanges than inflows. Recent data shows that during this period, approximately 438.7 billion SHIBs flowed out of the exchange, while 268.1 billion SHIBs flowed in, resulting in a net outflow of approximately 170.6 billion.
As a result, total SHIB reserves held on the exchange fell by 0.2%, currently standing at 87.23 trillion units. Typically, a drop in exchange balances can mean less immediate selling pressure, as there is a decrease in the number of tokens available for sale on the trading platform.
At the beginning of the month, the trend was different, with exchange inflows rising faster than withdrawals and net supply flowing into the market. The current reversal suggests that, at least in the short term, exchange capital flows are conducive to SHIB withdrawals.
However, despite changes on the supply side, demand has not yet recovered. Buyers seem to be holding a wait-and-see attitude, and the decline in exchange supply has not yet translated into a price recovery for SHIB.
Small Dictionary: Coinone is a leading South Korean cryptocurrency exchange known for listing major digital assets and supporting local trading volume.
