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A massive SHIB transfer to Coinbase has stirred attention across the crypto community, raising questions about potential market impacts. The transfer of 1.67 trillion Shiba Inu (SHIB) tokens, verified by Whale Alert, came from three large whale wallets and carries a total value of approximately $31.25 million. This amount represents about 0.3% of Shiba Inu’s total circulating supply, amplifying concerns of potential selling pressure.
Whale Movement of SHIB to Coinbase Raises Eyebrows
In a series of transfers, an initial 558 billion SHIB tokens were sent from wallet 0x0…9f8 to Coinbase’s “Coinbase 10” wallet. Simultaneously, two other whale wallets transferred equal amounts of SHIB to Coinbase, sparking speculation about potential market implications. While investors worry about the selling pressure this may exert on SHIB, some experts have reassured that there may not be immediate cause for alarm.
Research suggests that the wallets involved in these transfers may belong to Coinbase itself, implying that this movement could be an internal restructuring of SHIB holdings by the exchange. Since 2021, these wallets have consistently held SHIB transferred from Coinbase, with this latest movement centralizing all SHIB assets in the Coinbase 10 wallet and effectively zeroing out the originating accounts. This internal organization hints that the exchange might be aligning its SHIB reserves to meet future demand or internal requirements.
Coinbase 10’s remaining balance of 243.8 billion SHIB suggests that the exchange has redistributed a portion, potentially to serve client needs or other internal purposes. According to analysis by CryptoQuant, SHIB reserves across exchanges have now dropped to a record low of 137.48 trillion SHIB.
SHIB Price Shows Strength Amid Increased Exchange Withdrawals
Despite concerns, recent events seem to have bolstered SHIB’s price. Trading at $0.00001892, SHIB has seen a 12.08% increase over the past week. The increase in exchange withdrawals suggests possible support for SHIB’s price, with investors closely monitoring this large-scale movement’s effect.
With developments unfolding rapidly, Turkish NY Radio will continue to track SHIB’s price dynamics and potential market shifts in light of this whale activity.
