Intrigue Envelops Shiba Inu Community as Whales Send 1.67 Trillion SHIB Tokens to Coinbase

Market tracking platform Whale Alert first spotlighted the transactions, confirming that exactly 1,675,841,120,949 (1.675 trillion) SHIB tokens moved from three separate whale addresses to a central Coinbase wallet yesterday.

Three separate transactions saw a total of 1,675,841,120,949 (1.675 trillion) SHIB tokens moved from three separate whale addresses to a central Coinbase wallet yesterday.

Details Of The Shiba Inu Movements

Breaking down the movements, at 16:46 UTC yesterday, an unknown whale address, 0x0…9f8, transferred 558,613,706,983 (558 billion) SHIB tokens to Coinbase 10. At the time, the tokens were valued at $10.418 million.

However, at the same time as this transfer, two more unknown whale addresses, namely 0x8…fa5 and 0xf…f62, transferred the exact same amount to the same Coinbase address.

This brought the total cumulative assets to 1.675 trillion Shiba Inu tokens, all valued at $31.254 million. To put things into perspective, the total tokens moved through these three transactions account for nearly 0.3% of Shiba Inu’s circulating supply.

Due to the magnitude of the transactions, concerns were raised among investors. These apprehensions are typically driven by the assumption that movements to exchanges often lead to selloffs, and the sale of 0.3% of SHIB’s circulating supply could dampen its current growth trajectory.

Here’s What We Know

An investigation by The Crypto Basic, however, suggests that there may be no cause for immediate alarm. A closer examination of the three addresses shows that they might actually belong to Coinbase. This would indicate that the exchange used these transactions to internally shuffle its SHIB holdings.

Starting from September 2021, during the previous bull run, all three whale addresses began receiving SHIB tokens from September 2021. Throughout the past three years, these addresses continued to receive billions of SHIB from Coinbase wallets, with the last inflow occurring in June 2024.

After accumulating the 558 billion Shiba Inu tokens, each of the addresses then decided to send them back to the Coinbase 10 wallet yesterday. Furthermore, a glance at Arkham Intelligence reveals that the three addresses are Coinbase Deposit wallets, which supports the notion that they belong to the exchange.

Possible Shiba Inu Exchange Withdrawal?

Following the transactions, all three addresses now hold 0 SHIB. Meanwhile, the Coinbase 10 wallet, which received all 1.67 trillion tokens, currently holds 243.8 billion SHIB, suggesting it has offloaded a large portion of the assets.

In this case, the exchange may have shuffled the assets through another wallet. However, there is also a possibility that they used the funds to fulfill withdrawal requests from their customers, which would be a bullish sign. Data from CryptoQuant confirms that SHIB exchange reserve recently dropped to an all-time low of 137.48 trillion.

Currently, Shiba Inu trades at $0.00001892, up 12.08% over the past week. The meme coin is riding the latest wave of market-wide upsurge, which has seen Bitcoin (BTC) reach a new peak. An increase in exchange withdrawals could further boost SHIB’s momentum.