The Shiba Inu community has been shrouded in intrigue recently after a whale sent over 1.67 trillion SHIB tokens to Coinbase, America's largest cryptocurrency exchange.
Market tracking platform Whale Alert first spotlighted the transaction, confirming that just yesterday 1,675,841,120,949 (1,675 billion) SHIB tokens were moved from three separate whale addresses to a central Coinbase wallet.
Details of Shiba Inu movement
For context, on the Shiba Inu market, 558,613,706,983 (558 billion) SHIB tokens were transferred from the following sites: 0x0…9f8An unknown whale address was sent to Coinbase 10 yesterday at 16:46 UTC. At the time, the value of the token was $10.418 million.
However, at the precise point of this transfer, two more unknown whale addresses, esp. 0x8…fa5 and 0xf…f62sent just Same amount to same Coinbase address.
This brings the total cumulative assets to 1,675 billion Shiba Inu tokens, all worth $31,254,000. To put things into perspective, the total amount of tokens moved through these three transactions accounts for nearly 0.3% of the total. Shiba Inu circulation supply.
Due to the large scale of transactions, Concerns are emerging among investors. These concerns stem from the fact that moves to exchanges typically lead to declines, and the sale of 0.3% of SHIB's circulating supply could slow its current growth trajectory.
Here's what we know
Nevertheless, according to research from The Crypto Basic; that there is No need to worry. Examination of three addresses show like they might be actually belongs to coinbase. This confirms that the exchange used these transactions. Shuffle SHIB holdings internally.
All three whale addresses have started receiving SHIB tokens from September 2021, during the last bull market. For the past three years, these addresses have been continued to receive Billions of SHIB have been flowing into Coinbase wallets, with the most recent inflow occurring in June 2024.
After accumulating 558 billion Shiba Inu tokens, each Of the addresses at that time decided to send them back coinbase 10 Yesterday's wallet. Additionally, Arkham Intelligence corroborates this by showing that the three addresses are Coinbase Deposit wallets. idea That they belong to an exchange.
Is there a possibility of declining the Shiba Inu exchange?
After the transaction, all three addresses hold 0 SHIB. Meanwhile, the Coinbase 10 wallets that received all 1.67 trillion tokens now hold 243.8 billion SHIB, suggesting they have offloaded most of the tokens. of assets.
In this case, the exchange may have shuffled the assets through another wallet. However, the funds could also be used to redeem withdrawal requests from customers. be bullish sign. Data from CryptoQuant confirms that: SHIB exchange reserves Recently, it has fallen to an all-time low of 137.48 trillion.
Shiba Inu is currently trading at $0.00001892, up 12.08% this week. meme coin is the current Building on the recent market-wide rally, Bitcoin (BTC) has hit new highs. If this continues, SHIB's momentum may further increase due to an increase in foreign exchange withdrawals.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
