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It’s not every day that a cryptocurrency exchange sees over 174 billion Shiba Inu (SHIB) tokens — about $2.2 million at current prices — withdrawn from its hot wallet, and yet, that’s exactly what happened on Coinbase over the past four days. The recipient? It was a totally inactive wallet, “0x38A8,” with zero transaction history.
The transfers did not happen all at once. There were three separate transactions, each moving a big chunk of SHIB out of Coinbase. The last and biggest chunk, 79.385 billion SHIB, happened just 18 hours ago.
Movements like these make people wonder what’s going on. Some think it’s a good sign that a big player is moving their assets to cold storage. Others are not so sure. Sometimes, these transfers are just the exchange itself reorganizing, and there is no big story behind it.
But on-chain data from Arkham Intelligence adds another layer to the story. Despite this withdrawal, SHIB’s overall exchange flow suggests more deposits than exits right now.
In the traditional market sense, this points to bearishness — more coins moving onto an exchange often means traders are getting ready to sell. If big holders were unloading their SHIB, the smart move would be to send it to an exchange, not take it out.
This contradiction — major withdrawal but a general inflow trend — mirrors the broader uncertainty in both Shiba Inu and the crypto market as a whole. There is no clear direction or strong signals about where things are heading next.
For now, this transaction is just an anomaly, an event without a clear resolution. It’s hard to say if it’s the start of something bigger or just a random blip in SHIB’s on-chain history. Time will tell.
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