Despite the lack of action on the cryptocurrency market lately, there is still a lot going on behind the scenes of the price charts, especially in the on-chain realm.
Large transfers are still taking place, whales are shuffling their crypto capital and exchanges are managing their hot wallets and deposits. What the recent Shiba Inu (SHIB) shift was between these two options remains open to speculation.
However, it is a fact that just a week after acquiring nearly 152 billion SHIB, which is equivalent to about $2.28 million in the popular meme-inspired cryptocurrency, a wallet under the address “0x4c92” transferred all of its tokens to leading cryptocurrency exchange Coinbase.
What id
interesting is that the tokens were also withdrawn from Coinbase, in two separate tranches. They made it back to the exchange a week later with a single batch of SHIB sent directly to the exchange.
What was this?
In the common perception of crypto market participants, such shifts are seen as an intent to sell by a large entity. The logic is that whales choose the most liquid platform to unload their holdings. This guarantees minimal slippage and price impact.
If you try to look at it from another angle, it can be seen as an internal operation of Coinbase itself. However, this theory has some flaws, such as the fact that a small amount of ETH was purchased to facilitate the initial transactions, and this may indicate that the receiving address was indeed a decentralized one and did not belong to Coinbase. There is still some ETH left in the wallet.
What caused such a rapid change in sentiment is not really a question, as the cryptocurrency market looks like a hot mess these days. However, the lack of patience when dealing with billions of coins worth millions of dollars can still be surprising.
