Shiba Inu (SHIB) has continued to face mounting selling pressure after one of its largest investors moved another 600 billion tokens, sparking fresh concerns among investors amid a prolonged market downturn.
On Monday, blockchain analytics platform Arkham identified a transfer of roughly 600 billion SHIB, valued at approximately $2.8 million, from a wallet linked to one of the project’s earliest backers.
Despite significant sales, the whale still controls the vast majority of its holdings.
Notably, the wallet in question accumulated around 103 trillion SHIB in August 2020, when the project was still in its infancy. During SHIB’s historic rally in 2021, those holdings were worth more than $9 billion.
On-chain data shows the investor has steadily transferred tokens to addresses associated with distribution activity. While the whale has sold roughly 3.8 trillion SHIB in the last month alone, it still holds approximately 96.2 trillion SHIB, valued at more than $430 million at current prices.
 
This means the recent disposals represent only a small portion of the investor’s overall position, suggesting the whale is not fully exiting SHIB.
Meanwhile, the renewed selling activity comes as SHIB continues to struggle in a weak crypto market.
The token has declined sharply over the past month, dropping more than 18% and falling below $0.000005. Year-to-date, SHIB is down over 32% and remains nearly 94.84% below its all-time high.
Exchange flow metrics have also painted a bearish picture. Recent data indicate that more SHIB is moving to exchanges than leaving them, typically a sign that holders are preparing to sell.
Beyond price action, sentiment within sections of the SHIB community has deteriorated considerably.
Decentralized exchange WoofSwap voiced strong criticism of the ecosystem’s leadership and progress in development.
“Most people have completely lost faith in SHIB because the ecosystem has failed to deliver anything meaningful.” The DEX stated in a post on X Monday.
WoofSwap argued that investors no longer separate SHIB from the broader ecosystem, adding that “the consensus is brutal” regarding the token’s current state.
The DEX further criticized what it described as entrenched leadership, claiming discussions surrounding SHIB often revolve around “the same failed leaders and the handful of key people who still control the important resources.”
WoofSwap further asserted that if those individuals “actually stepped down or disappeared tomorrow, it would be the most bullish thing to happen to SHIB in years.”
The comments reflect growing frustration among some ecosystem participants as SHIB struggles to regain momentum.
Community concerns have also intensified amid the continued absence of Shiba Inu lead developer Shytoshi Kusama from social media.
Notably, Kusama has remained inactive on X for more than five weeks, fueling speculation about the ecosystem’s future direction. While prolonged absences are not uncommon for the pseudonymous developer, some investors have questioned whether his attention has shifted toward his independent artificial intelligence initiative, R. OS.
Meanwhile, despite the criticism and recent whale activity, the early investors’ remaining holdings continue to represent a substantial supply overhang for SHIB.
At press time, SHIB was trading at $0.000004531, reflecting a 0.55% drop in the past 24 hours.
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