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Long traders bore the brunt of the damage when over $382,000 in Shiba Inu futures positions were liquidated in a single day, with $365,660 wiped from bullish bets and just $17,320 lost on the short side.
That wave of forced closures came as a long-dormant SHIB wallet suddenly came back to life after nearly 10 months of silence, drawing fresh attention to a token already under pressure.
A Wallet Empties Out
Data from Arkham Intelligence shows the wallet began its return with a test run — a small 10 million SHIB transfer through a MetaMask swap.
After that, the holder moved fast, pushing nearly 400 billion tokens through BitGo’s Forwarder Smart Contract across three separate transactions: nearly 112 billion first, then almost 190 billion, then a final 99 billion. When it was done, the wallet held just 110 SHIB.
The total amount transferred came to 399,989,999,938 SHIB. The address, which had sat untouched since roughly last August, was effectively cleared out in a matter of hours.
Reading The BitGo Move
What the transfers mean is harder to pin down. BitGo’s infrastructure is commonly used by institutional players for OTC deals or to move assets into cold storage — neither of which shows up as a sell on public exchanges. So while the scale of the move is hard to ignore, it does not confirm any tokens were sold into the market.
What is clear is that a holder sitting on a position worth tens of millions of dollars chose this particular week to act — a week when the broader crypto market was already sliding.
Shiba Inu Under Pressure
SHIB dropped 16% over the past week and lost the $0.000005 psychological support level in the process. At last check, the token was trading at $0.000004535, down another 3.50% in the prior 24 hours.
The decline has pushed the memecoin toward the edge of the top 30 cryptocurrencies by market cap, with SHIB sitting at 29th place and a market value of $2.65 billion.
The timing of the whale’s reactivation, arriving alongside a broader market selloff and a fresh round of liquidations, made the move impossible to ignore — even if its purpose remains unknown.
Featured image from Unsplash, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.