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Analytics data from Arkham Intelligence has unveiled an intriguing development as a mysterious whale has surfaced, depositing an astonishing 100 billion Shiba Inu tokens into the hot wallet of the United States' largest crypto exchange, Coinbase.
According to on-chain data, the enigmatic entity, identified by the address "0x6d2,” recently made a significant withdrawal equivalent to $2.26 million in SHIB to a Coinbase-affiliated address.
What's more, this address had been actively accumulating Shiba Inu tokens from the exchange over the past week, amassing a staggering 105.57 billion SHIB before depositing the entire sum back into Coinbase.
The timing of these maneuvers is particularly noteworthy, coinciding with a substantial decline in the price of SHIB by over 20%. This plunge brought the price down to $0.00002057 per coin.
Risk off as FOMC nears?
Adding to the intrigue, this massive SHIB deposit has occurred just ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting. As market participants eagerly await the committee's decision on the U.S. Federal Reserve rate, the whale's move to deposit tokens on the exchange is seen as a potential sell signal.
Traditionally, investors resort to liquidating their assets in anticipation of major economic events to mitigate potential losses. Despite expectations being rife for a rate cut by the Federal Reserve, market sentiment remains cautious, prompting many to seek refuge in cash, resulting in a downturn across various asset classes, including cryptocurrencies.
As the FOMC meeting looms large on the horizon, all eyes are on the outcome, awaiting clues as to the identity and motives of this mysterious Shiba Inu whale.
Yuri Molchan
Alex Dovbnya
