An unlabeled blockchain address has withdrawn more than 125 billion Shiba Inu from a wallet affiliated with BitGo.
According to Arkham data, 125,334,083,223 (125.33 billion) Shiba Inu tokens, worth $678,060 at the time of the transaction, moved from the BitGo-affiliated address to a newly created wallet.
New Wallet Receives 125.33 Billion $SHIB
Arkham data shows that the receiving address had no prior on-chain activity before the transfer, suggesting that the wallet was newly created before receiving the massive $SHIB transaction.
The wallet still holds the entire 125.33 billion $SHIB in the hours leading up to press time. Although the owner’s identity and intentions remain unknown, moving such a substantial amount of $SHIB away from an exchange could suggest an intention to hold the tokens rather than sell them immediately.
However, the transfer alone does not confirm a long-term holding strategy, as the owner could move the tokens to another address or exchange at any time.
Withdrawal Reverses Recent $SHIB Deposits
The latest transaction stands out because BitGo has recently received several large $SHIB transfers that fueled concerns about potential selling activity.
Earlier this month, an early Shiba Inu whale transferred 600 billion $SHIB to the exchange. Several days later, another transfer involving 408 billion $SHIB also reached BitGo.
Against this backdrop, the latest 125.33 billion $SHIB withdrawal represents a reversal of the recent pattern of large $SHIB transfers flowing into the exchange.
160 Billion $SHIB Leaves Exchanges
Meanwhile, the latest withdrawal comes as Shiba Inu records broader exchange outflows.
According to CryptoQuant data, 160.06 billion $SHIB left exchanges over the past 24 hours. The figure reflects roughly 425.51 billion $SHIB in withdrawals against 269.89 billion $SHIB in deposits, resulting in a net outflow of about 160.06 billion $SHIB.
Despite these recent withdrawals, exchanges still hold a substantial amount of $SHIB. Approximately 87.25 trillion tokens remain on exchanges, representing around 14.8% of the cryptocurrency’s total supply. Consequently, a large amount of $SHIB remains potentially available for trading or selling.
$SHIB Faces Top-30 Ranking Risk
Meanwhile, Shiba Inu faces renewed pressure in the cryptocurrency rankings.
$SHIB currently ranks 30th by market cap, with a market cap of approximately $3.04 billion. Bittensor ($TAO), ranked 31st, has a market cap of about $2.86 billion, leaving only a relatively narrow gap between the two assets.
At press time, $SHIB traded at $0.000005167, down 5.74% over the past 24 hours, while $TAO has only fallen 2.91% in the same timeframe. Therefore, a continued decline in $SHIB’s market value could put its position among the top 30 cryptocurrencies at risk.
