A significant internal transfer of Shiba Inu (SHIB) tokens by cryptocurrency exchange Kraken has coincided with on-chain data suggesting a potential stabilization for the meme coin. Blockchain intelligence platform Arkham visualized a transaction moving 46,024,240,350 SHIB (valued at approximately $301,900 at the time) from a verified Kraken cold wallet to a Kraken hot wallet on the Ethereum network. The transaction fee was a minimal 2.03 Gwei, or about $0.14.
Analysts interpret this movement as a routine operational adjustment, where an exchange rebalances liquidity from secure offline storage to an active hot wallet to meet anticipated trading demand, facilitate market-making, or prepare for withdrawals. This shift occurred as SHIB's price showed modest recovery, approaching $0.00000669 on Binance with a 2.29% daily increase, while Bitcoin trended toward $70,000.
Simultaneously, on-chain metrics indicate SHIB's exchange netflow is nearing zero, signaling that token inflows and outflows across exchanges are in balance. This equilibrium suggests the persistent selling pressure that drove SHIB to recent local lows may be subsiding. While the asset remains below longer-term moving averages, price action is testing short-term resistance levels, and a slight pickup in trading volume hints at returning buyer interest at lower prices.
The 46 billion SHIB transfer, though a tiny fraction of the 580 trillion circulating supply, provides deeper order book liquidity. If this translates to higher spot volume, it could help SHIB challenge higher resistance levels at $0.00000900 and $0.00001102. For now, the combined data points—Kraken's liquidity management and the balanced exchange flows—paint a picture of a market pause that could form the foundation for SHIB's next directional move, heavily dependent on broader crypto market sentiment.
