A Shiba Inu whale that remained dormant for more than three years has finally liquidated its entire SHIB holdings, realizing an estimated loss of $1.63 million in the process.

The whale initially received 600 billion Shiba Inu tokens on July 16, 2023. At the time, the tokens were worth $4.86 million, based on a SHIB price of around $0.0000081.

The wallet then remained inactive for more than three years. However, that long period of dormancy ended this month when the whale began transferring its holdings to BitGo, suggesting an intention to sell.

Whale Moves Final 192 Billion SHIB to BitGo

The whale made its first major transfer on September 6, 2026, sending approximately 408 billion SHIB to a BitGo-affiliated address. The tokens were worth about $2.23 million at the time.

The whale has now transferred its remaining 192 billion SHIB to BitGo. The latest batch was worth $999,050, effectively moving the entire 600 billion SHIB holding to the platform.

Overall, the whale transferred the tokens for $3.23 million, compared with the $4.86 million value when it initially acquired them. As a result, the whale incurred an estimated loss of $1.63 million. 

SHIB Remains Under Market Pressure

The whale’s liquidation comes as Shiba Inu continues to trade significantly below its all-time high. SHIB reached a record $0.00008845 in October 2021 but has since suffered a prolonged decline. At press time, SHIB was trading at $0.000005102, leaving the token about 94.23% below its all-time high. Shiba Inu’s volume has plunged 13.31% over the past 24 hours to $64 million. 

Meanwhile, SHIB faces growing pressure in the cryptocurrency rankings. The token currently ranks No. 30 globally, with a market cap of roughly $3 billion. PayPal USD ranks 31st with a market cap of $2.8 billion, leaving SHIB with a relatively narrow lead.

Therefore, the whale’s latest transfer adds another notable sell-side development to the pressure surrounding SHIB. However, transferring tokens to an exchange does not confirm that the whale has already sold them.

Shiba Inu’s exchange reserve is approaching the key 87 trillion SHIB threshold as more tokens leave crypto trading platforms. 

Shiba Inu recorded a significant decline in its exchange reserve over the past 24 hours. Data from CryptoQuant shows that 213.88 billion SHIB flowed into crypto exchanges, while users withdrew around 458.87 billion SHIB within the timeframe.

As a result, SHIB recorded a negative exchange netflow of 244.99 billion tokens. In other words, nearly 245 billion more SHIB left exchanges than entered them during the period.

Consequently, the amount of Shiba Inu held on exchanges fell to approximately 87.0059 trillion SHIB. At this level, the reserve sits just 5.9 billion SHIB above the 87 trillion threshold. Therefore, continued outflows could soon push exchange-held supply below this level.

A declining exchange balance could potentially ease immediate selling pressure because fewer tokens would remain readily available on trading platforms for investors looking to sell. However, exchange outflows do not guarantee a price increase, as investors can move tokens back to exchanges when market conditions change. 

SHIB Exchange Supply Has Struggled to Stay Below 87 Trillion

Notably, this is not the first time Shiba Inu’s exchange reserve has fallen below the 87 trillion SHIB mark. On previous occasions, the balance briefly dipped below the threshold before recovering as investors transferred more tokens back to exchanges.

Therefore, while another move below 87 trillion SHIB could attract attention, maintaining the level could prove more significant than briefly crossing it.

If withdrawals continue to outpace deposits, the declining reserve could offer stronger evidence that investors are keeping their SHIB away from trading platforms rather than preparing to sell.

SHIB Price Remains Under Pressure

Despite the reduction in exchange-held SHIB, the development has yet to produce a positive market reaction.

At press time, SHIB was trading at $0.000005094, down 2.52% over the past 24 hours and 4.35% over the past seven days. At this price, Shiba Inu had a market cap of roughly $3 billion, ranking it as the 30th-largest crypto asset by market value.

Thus, the continued price decline shows that shrinking exchange supply has so far failed to offset broader selling pressure.

SHIB Liquidations Reach $76,000

Meanwhile, the recent weakness has affected traders holding leveraged SHIB positions. Around $76,000 worth of SHIB futures positions were liquidated over the past 24 hours.

Long traders betting on a price increase suffered most of the losses, accounting for $70,090 in liquidations, equivalent to around 13.75 billion SHIB at the current price.

By comparison, short positions accounted for roughly $5,890 in liquidations, representing approximately 1.15 billion SHIB. The dominance of long liquidations suggests that the recent decline caught some bullish traders on the wrong side of the market. 

Popular market commentator Lark Davis has questioned Cardano’s progress after eight years, arguing that the network has yet to achieve the level of adoption expected of a blockchain of its age.

Davis made the remarks while responding to Cardano SPO Sssebi, who expressed continued confidence in Cardano founder Charles Hoskinson and the project’s long-term vision.

Davis Questions Cardano’s Adoption

In response, Davis challenged whether that confidence is supported by Cardano’s current network activity. He described the blockchain as a “ghost town” and argued that its on-chain metrics remain weak.

Moreover, Davis questioned whether Cardano’s technology and development efforts have translated into meaningful adoption. In his view, eight years should have given the network enough time to demonstrate stronger user activity.

He also compared Cardano’s progress with that of other major blockchain networks, particularly Solana. Specifically, Davis questioned why Cardano had not become the “Solana equivalent in terms of use,” pointing to the significant difference in adoption and network activity between the two ecosystems.

Davis further urged those still waiting for Cardano’s anticipated growth to reconsider their expectations. He questioned whether investors want to wait another eight years for the network to achieve greater adoption.

Cardano and Solana Take Different Approaches

Critics have frequently compared Cardano with Solana to highlight the difference in their network activity and adoption. However, the two blockchains have fundamentally different development philosophies.

Cardano has pursued a slower, research-driven approach that emphasizes academic research and formal development processes. Solana, meanwhile, has focused on high performance, speed, and rapid ecosystem growth.

Nonetheless, their differences become more apparent when comparing network activity. According to Chainspect data, Solana has processed more than 126 billion transactions since launching in March 2020. Cardano, which launched three years earlier, has processed about 124 million transactions.

Solana also leads Cardano significantly in DeFi activity. The network has $5.8 billion in Total Value Locked (TVL) and $2.90 billion in DEX volume over the past 24 hours.

By comparison, Cardano’s TVL stands at about $59.83 million, while its DEX volume is $1.19 million.

Sssebi Highlights Cardano’s Development Strategy

The exchange continued as Sssebi attributed Cardano’s relatively low adoption to the network’s decision to prioritize governance and infrastructure development.

According to Sssebi, Cardano has already established much of the foundation required for its next phase of growth. He noted that the network is now focused on improving its scalability and DeFi activity through initiatives such as AlphaGrowth PRIME.

However, Davis remained unconvinced by the argument. He maintained that technological upgrades will have limited significance if they fail to attract more users and generate greater activity on the network.

The exchange highlights a broader debate surrounding Cardano, which revolves around whether its research-driven development strategy will eventually translate into the user adoption and economic activity critics have long expected.

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