A long-dormant Shiba Inu wallet that on-chain watchers have been following since the early days of the meme coin has just pinged the market again – this time by sending a fat clip of SHIB to an exchange.
According to reports from on-chain analyst 余烬 (@EmberCN), the address moved about 469 billion SHIB (about $3.64 million) to OKX about nine hours before the post hit X on December 18, 2025.
Mega whale stuns the Shiba Inu community
In 2020, the ‘top whale’ who bought 1.03 trillion $SHIB (17.4% of the total supply) with only 37.8 ETH ($13.7K) transferred 469 billion SHIB ($3.64 million) to #OKX 9 hours ago,” EmberCN said. wrote.
That ‘top whale’ label does a lot of work here. The wallet is known for its almost absurd entry: in 2020 it bought roughly 103 trillion SHIB for just 37.8 ETH. Then the mania of 2021 happened. At the peak of the cycle, that stake would have been worth about $9.1 billion. And the whale, as is known, did not collect most of it.
EmberCN says it still controls approximately 96.684 trillion SHIB, or roughly 16.4% of the total supply, valued at between $722 and $726 million depending on the price snapshot used. “At the 2021 price peak, his 1.03 trillion SHIB was worth $9.1 billion. He has not yet sold the vast majority of these coins and currently still holds 96.684 trillion SHIB (16.4% of the total supply), worth $726 million,” @EmberCN explains.
The reason why traders are interested in ‘to OKX’ is obvious: deposits on exchanges can be a prelude to sales, collateral or something else. Yet a down payment is not a sale. Overall, it is unclear whether SHIB has been dumped yet.
Zoom out and it is not the first time that the wallet has started to move. EmberCN previously flagged activity in July 2023, detailing the transfer of 1.5 trillion SHIB across three addresses (500 billion each) after a long period of inactivity.
On July 12, he warned the Shiba Inu community when he posted: “After 610 days of inactivity, he made a new move: 4 hours ago he transferred 1.5 trillion SHIB to 3 addresses, with 500 billion SHIB ($3.75 million) to each address. He bought 1.03 trillion $SHIB and sold only 1.9 trillion SHIB ($18.79 million) in 2021 at a price of 0.0000098. The remaining 1.01 trillion (17.2% of the total SHIB supply) is distributed among 17 addresses and is held to this day, with a current total value of $760 million.”
So is this ‘the’ sell signal? Maybe. Maybe not. But when an entity with 16.4% of supply starts sending volume to an exchange again, the market tends to stop scrolling.
At the time of writing, SHIB was down 3.9% over the past 24 hours, roughly tracking the broader market-wide decline over the same period. Things aren’t pretty on the chart: the current weekly candle has broken below a key support zone around $0.00000790.
That brings the October 10 low at $0.00000680 back into play as the next obvious downside control. If that level gives way, traders will likely look to the June 2023 low near $0.00000543 as the next key reference point.
Featured image created with DALL.E, chart from TradingView.com
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