Shiba Inu Investor Transfers Tokens to Exchanges, Possibly Foreshadowing Price Drop

Wallet 0xd6 moved more than 182 billion shiba inu tokens to crypto exchanges Gemini and during Asian morning hours on Monday.

AccessTimeIconFeb 27, 2023 at 10:16 a.m. UTC
Updated Feb 27, 2023 at 3:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

A crypto wallet holding a large number of shiba inu (SHIB) tokens is moving funds to exchanges, with historical data suggesting a decline in prices in the short term if the holder were to sell the tokens.

  • Wallet 0xd6 moved more than 182 billion shiba inu tokens to crypto exchanges Gemini and during Asian morning hours on Monday, data cited by analytics firm Lookonchain shows.
  • Three months ago, the same wallet moved more than 200 billion SHIB to, selling them for U.S. dollars. SHIB's price fell 7% at the time.
  • Tracking the movement of tokens from wallets that hold a significant amount of supply can serve as an indicator of price activity. If a large number of tokens are sold, the price might decline as greater supply is available to the market. If the tokens are moved to related decentralized-finance (DeFi) applications, however, prices may not drop immediately.
  • Etherscan data shows the wallet 0xd6 holds more than 3.1 trillion shiba inu tokens, valued at almost $40 million at current prices. That is slightly over 0.3% of the total supply of shiba inu tokens.
  • Lookonchain said the wallet acquired shiba inu tokens in August 2020 with an initial investment of 10 ether (ETH), or just over $3,000 at the time.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.