Intrigue has enveloped the Shiba Inu community as whales recently sent over 1.67 trillion SHIB tokens to America’s largest crypto exchange 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.
Details of the Shiba Inu Movements
For context, the Shiba Inu market saw the transfer of 558,613,706,983 (558 billion) SHIB tokens from 0x0…9f8, an unknown whale address, to Coinbase 10 yesterday at 16:46 UTC. At the time, the tokens were worth $10.418 million.
However, at the exact time of this transfer, two more unknown whale addresses, particularly 0x8…fa5 and 0xf…f62, sent the exact same amount to the same Coinbase address.
Whale Alert on X
This brought the total cumulative assets to 1.675 trillion Shiba Inu tokens, all worth $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 have emerged among investors. These apprehensions stem from the fact that movements to exchanges typically 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
Nonetheless, an investigation from The Crypto Basic suggests that there is no cause for alarm. A scrutiny of the three addresses show that they might actually belong to Coinbase. This would confirm that the exchange used these transactions to internally shuffle its SHIB holdings.
All three whale addresses started receiving the SHIB tokens from September 2021, during the previous bull run. Over the past three years, these addresses continued to receive billions of SHIB from Coinbase wallets, with the latest 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. Moreover, Arkham Intelligence shows that the three addresses are Coinbase Deposit wallets, confirming the idea that they belong to the exchange.
Possible Shiba Inu Exchange Withdrawal?
Following the transactions, all three addresses hold 0 SHIB. Meanwhile, the Coinbase 10 wallet, which received all 1.67 trillion tokens, now holds 243.8 billion SHIB, suggesting it has offloaded most of the assets.
In this case, the exchange might have shuffled the assets through another wallet. However, they could also have used the funds to redeem withdrawal requests from their customers, a bullish sign. Data from CryptoQuant confirms that SHIB exchange reserve recently dropped to an all-time low of 137.48 trillion.
Shiba Inu Exchange Reserve | CryptoQuant
Currently, Shiba Inu changes hands at $0.00001892, up 12.08% this week. The meme coin is currently building on the latest market-wide upsurge, which has seen Bitcoin (BTC) claim a new peak. At this rate, an increase in exchange withdrawals could bolster SHIB’s momentum.