Binance, the world's largest cryptocurrency exchange, transferred 17,527,443,126 SHIB tokens (worth approximately $138 million at the time) from a hot wallet to its internal cold storage address. The transaction occurred on the Ethereum blockchain, moving funds from wallet address 0x28C to 0x4fd via the Shiba Inu contract (0x95a). On-chain records show the transfer cost less than $0.01 in gas fees with no ETH transferred alongside the SHIB.
Analysts from Arkham Intelligence noted that such large hot-to-cold wallet shifts typically indicate one of three scenarios: securing user withdrawals offline, liquidity management consolidation, or preemptive asset positioning. In this specific case, the absence of an outflow spike and the internal nature of the transaction suggest the move is more about storage reorganization than signaling an impending sell-off.
Simultaneously, Shiba Inu's open interest (OI) saw a surprising reversal, increasing by 0.45% to $87.19 million over 24 hours according to CoinGlass data. This increase came despite SHIB's price dropping 0.51% to $0.00000786 during the same period, with weekly losses reaching 6.06%. The OI rebound followed an earlier decline as traders reduced exposure during the price drop.
Market data reveals that SHIB's trading volume across spot exchanges decreased by 27.87% to $82.26 million in the last 24 hours, indicating reduced trader activity. The cryptocurrency faces immediate resistance at $0.000008, which coincides with the daily 50-day moving average. Since January 14, SHIB has failed to reclaim this level despite multiple attempts.
Technical analysis suggests that if SHIB breaks above $0.000008, it could target $0.000009 and $0.00001 next. Support is expected around $0.000007 if the price declines further. The current market setup hints at a leverage reset as volumes drop across both spot and derivatives markets, with traders pausing to determine the market's next direction.
