On Friday, a Shiba Inu (SHIB) wallet that had been lying dormant for about 10 months suddenly sent around 400 billion SHIB tokens – worth roughly around $1.95 million according to prevailing market prices. What’s interesting is that these tokens were not sent directly to any crypto exchange.
Shiba Inu whale moves 400 billion tokens
Instead of sending the tokens to an exchange, the whale moved them though the BitGo: Forwarder smart contract. Institutional custodians tend to use this relay address to collect client funds and distribute them to cold-storage pools or over-the-counter (OTC) platforms.
The wallet activity shows that the transaction was meant to empty all the owner’s holdings. The current balance of the wallet shows a dust balance of slightly more than $71, confirming the full closure of the wallet.
It’s worth pointing out that the wallet initiated the token movement immediately after it fell through the psychologically important $0.00000550 support level. Over the past 24 hours, SHIB is down 7.9 percent.
The following daily chart shows that SHIB has been on a prolonged downtrend for a long time. The token was trading at around $0.00001705 in May 2025, and has declined by more than 72 percent over the past 13 months.
Crypto analysts opine that further downside may be on the horizon for SHIB. In an X post on Friday, crypto trader Aman remarked that SHIB has confirmed a bearish flag breakdown, with sellers firmly in control of the memecoin.
In addition, SHIB is also fast approaching oversold territory, according to the relative strength index (RSI) momentum indicator. While a recovery is possible, there is also a non-zero chance of further price pullback for SHIB before things get better.
Are memecoins done for good?
While tokenized real-world assets (RWAs) are having a moment in the spotlight, attracting record capital inflows, memecoins appear to have taken a backseat. According to data from Coingecko, the total market cap of dog-themed memecoins has tumbled from $26 billion in January 2026, to around $18 in June 2026.
That said, some memecoins are still managing to attract interest from major investors. On Monday, blockchain infrastructure firm Paxos inked a partnership with the corporate concern behind Dogecoin that could propel DOGE into mainstream finance.
