Major Shiba Inu wallet sold 3.8 trillion SHIB in 30 days as price dropped 14.5%

On-chain analytics sources report that a well-known large Shiba Inu wallet has re-emerged as a major player in the market. The wallet, dubbed the “biggest SHIB distributor,” recently transferred nearly 600 billion SHIB to the ForwarderV4 address, fueling increased selling pressure. The value of this latest transaction was calculated at $2.83 million.

Large wallet’s renewed selling activity draws attention

According to an analysis shared by EmberCN, the anonymous wallet has begun systematically reducing its holdings acquired during Shiba Inu’s early days. Data shows that this wallet purchased 103 trillion SHIB in August 2020 for 37.8 ETH, worth about $13,752 at the time, representing 17.4% of the total supply.

Shiba Inu, created on the Ethereum blockchain, gained traction as a meme coin particularly popular among retail investors. The wallet in question has long been watched by the market due to its sizeable SHIB balance.

During the bull run of 2021, the holdings in this wallet peaked at $9.1 billion. Despite remaining inactive for years, the wallet has recently resumed regular transfers and is now once again active in the market.

Market analysts suggest that the selling pressure is not yet over, as the same wallet still holds 96.27 trillion SHIB. At current prices, this stash is valued at approximately $457 million.

Selling pressure deepens on the chart

Price action has closely mirrored on-chain data. On the SHIB/USDT weekly chart, the token dropped below a long-standing horizontal support range, reaching new multi-year lows. Over the past month, SHIB has fallen 14.5%, further confirming its bearish trend.

Analysts highlight that the relative strength index has remained below 50 and continues its downward trajectory. This pattern signals subdued buying appetite, and additional SHIB transfers to the ForwarderV4 address could make any recovery even more challenging.

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