Binance, the world’s largest cryptocurrency exchange, has transferred more than 490 billion Shiba Inu ($SHIB) in a single transaction.
According to blockchain analytics platform Arkham Intelligence, the exchange moved 498,891,481,684 (498.89 billion) Shiba Inu tokens, worth approximately $2.25 million at the time, on August 11.
Binance Transfers 498 Billion $SHIB to Cold Wallet
The transaction involved Binance moving 498.89 billion $SHIB from one of its hot wallets to a cold wallet. Exchanges commonly move assets between hot and cold storage as part of their security and custody practices.
Hot wallets remain connected to the internet, allowing exchanges to process deposits and withdrawals efficiently. In contrast, cold wallets stay offline and provide an additional layer of security. Therefore, the transfer appears to have been an internal wallet movement rather than a deposit to another exchange or an external sale.
Following the transfer, Binance’s sending hot wallet still held 530.98 billion $SHIB, allowing the exchange to maintain a substantial amount of liquidity for active trading. Meanwhile, the recipient cold wallet held around 10.10 trillion $SHIB.
Notably, Binance also remains one of the largest Shiba Inu holders. According to Etherscan data, two of the exchange’s wallets collectively hold 44.5 trillion $SHIB, representing 7.55% of Shiba Inu’s total supply.
$SHIB Exchange Withdrawals Exceed 100 Billion
The Binance transfer comes as Shiba Inu records significant exchange outflows.
Exchange flow data from CryptoQuant shows that approximately 267.21 million $SHIB entered trading platforms, while users withdrew roughly 357.52 billion $SHIB during the period. As a result, $SHIB recorded a netflow of approximately -119.17 billion tokens.
A negative exchange netflow means more $SHIB left exchanges than entered them. Consequently, the movement could indicate that users are transferring tokens to private wallets instead of keeping them immediately available for trading.
Nonetheless, exchanges continue to hold a substantial amount of Shiba Inu. Approximately 87.27 trillion $SHIB remains on trading platforms, leaving a significant supply available for potential selling.
Shiba Inu Remains Under Pressure
Despite the substantial withdrawals, $SHIB has continued to trade under pressure. Shiba Inu currently trades at $0.0000045, representing a 0.36% increase over the past 24 hours. However, the token remains down 7.03% over the past week.
Meanwhile, the recent price weakness has affected leveraged traders. According to CoinGlass data, nearly $79,000 in leveraged $SHIB positions were liquidated over the past day.
Long traders accounted for most of the liquidations, with approximately $74,930 in long positions wiped out. In comparison, short positions accounted for roughly $4,040 in liquidations.
