Coinbase Transfers $1.6M Worth of Shiba Inu (SHIB) Tokens to an Unknown Address

A total of 106,274,356,242.89 SHIB tokens - collectively worth about $1.6 million at today's prices - left a hot wallet of a popular crypto exchange and were routed to an unknown address.

A substantial amount of Shiba Inu (SHIB) tokens, valued at over $1.6 million, were reportedly withdrawn from a Coinbase hot wallet earlier today.

Shiba Inu Transfer Out Of Coinbase

As per Arkham data, more than $1.6 million worth of SHIB tokens were transferred out of a Coinbase hot wallet into an unknown address earlier today.

A total of 106,274,356,242.89 SHIB tokens, collectively worth about $1.6 million at today’s prices, left a hot wallet of a popular crypto exchange and were routed to an unknown address. The receiving wallet, 0xF9F08451, is not linked to any major exchange or known service, so its purpose is unclear.

This transaction occurred about eight hours ago, and the full balance remains untouched in the destination wallet. There are no other tokens held there, and no follow-up activity has taken place so far.

What stands out is that this transfer goes against the prevailing on-chain trend of the past week. The data indicates that more SHIB has been flowing into exchanges recently rather than out.

The on-chain exchange flow chart shows rising net inflows since May 10, with green bars reflecting this. This suggests that some holders may be preparing for upcoming selling opportunities. Unlike that trend, this large Coinbase outflow potentially indicates a different kind of strategy or intent.

At the time of the transfer, SHIB’s price was roughly $0.00001504, down slightly for the day but still above its support zone after a short-term rally earlier in the month.

So far, the market has not really reacted much to the transfer.

Since the identity of the receiving wallet is unknown, these types of large transactions involving high-profile platforms like Coinbase tend to draw attention.

Whatever this transaction signals - a move to private custody, a cold wallet shift or something else - it is noteworthy, not least because most SHIB has been heading in the opposite direction this week.