Long traders bore the brunt of the damage as more than $382,000 in Shiba Inu futures positions were liquidated in a single day, with $365,660 removed from bullish bets and just $17,320 lost in miniature positions.

This wave of forced closures has been dormant for a long time SIS the portfolio suddenly came to life after almost 10 months of silence, bringing fresh attention to a token that was already under pressure.

The wallet is emptying

Data from Arkham Intelligence shows that the wallet started its comeback with a test run – a diminutive transfer of 10 million SHIB on the MetaMask exchange.

The holder then acted quickly, pushing almost 400 billion tokens through the BitGo Forwarder Smart Contract in three separate transactions: first almost 112 billion, then almost 190 billion, and finally the final 99 billion. When this happened, there were only 110 SHIBs in the wallet.

The total amount transferred was SHIB 399,989,999,938. The address, which had remained untouched since around August last year, was successfully taken down within hours.

Reading BitGo Move

What these transfers mean is more complex to determine. BitGo the infrastructure is widely used by institutional players for over-the-counter transactions or to move assets into chilly storage – neither of which shows up as sales on public exchanges. So, while it’s challenging to ignore the scale of this move, it doesn’t confirm that any tokens have been sold to the market.

It’s clear that the holder holding a position worth tens of millions of dollars chose this particular week to act – a week when the broader cryptocurrency market was already collapsing.

Shiba Inu under pressure

Over the past week, the SHIB Index has fallen 16%, losing $0.000005 in psychological support. At last check, the token price was 0.000004535, down another 3.50% in the last 24 hours.

The decline pushed memecoin to the brink of the top 30 cryptocurrencies by market capitalization, with SHIB ranking 29th and having a market value of $2.65 billion.

The timing of the whale’s reactivation, alongside a broader market sell-off and a fresh round of liquidations, made the move impossible to ignore – even if its purpose remains unknown.

Featured image from Unsplash, chart from TradingView