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In a jaw-dropping move, 139.88 billion SHIB worth $2.42 million were withdrawn from Coinbase to an unknown address. This massive transaction, revealed by data from Arkham, involved the address “0xA606,” which had no previous recorded activity.
The tokens were withdrawn in two tranches, with the first transfer of 116.623 billion SHIB, followed by an additional 23.26 billion SHIB.
This unexpected withdrawal by an unidentified entity came amid low trading activity for Shiba Inu. Over the past four months, SHIB has experienced a sharp decline, with its price plummeting 62% from $0.000045 to $0.000017, following a dramatic 400% drop in February. This downturn has led to reduced interest in the popular meme cryptocurrency.
The timing of the pullback raises questions, suggesting that strategic accumulation may be taking place during this period of low market enthusiasm.
What’s next for SHIB?
Historically, such significant moves often precede a planned market maneuver, potentially positioning for a future hype-driven sell-off. Furthermore, withdrawals of this magnitude from Coinbase are particularly noteworthy due to the exchange’s size and user base.
While the Shiba Inu token remains in oblivion, forgotten after a major pump, and large unknown whales stealthily accumulate millions of dollars in the token, all eyes are on the price chart of the popular meme cryptocurrency. That is where the first signs of what awaits SHIB next will appear.
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