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A fresh on-chain move has brought attention back to the Shiba Inu meme coin, after an anonymous address withdrew more than $1.29 million worth of SHIB from Coinbase. Of course, people are wondering where this much liquidity is heading next.
The wallet that received it, labeled "0x18C5," now has 103.15 billion SHIB in it, which is about $1,291,478 or 304 ETH.
It did not all happen right away. First, 67.30 billion SHIB worth roughly $817,000 came in three days ago, then another 35.84 billion SHIB valued at $445,000 came in 16 hours ago. The two steps together boosted the account balance from just under $900,000 to over $1.29 million in just 72 hours.
If one breaks the withdrawal into two stages, it does not seem like a random move but more like a planned move — whether that is into private storage, cold custody or a layered setup that keeps exchange exposure minimal.
What's price of Shiba Inu (SHIB) coin?
The SHIB price, meanwhile, is steady at around $0.00001270, with a 1.7% increase from yesterday, and it is still holding strong above its "summer base" of $0.00000923. The chart is still in a sideways drift, but major withdrawals like this suggest that the big players are happy to build positions in a low-key way rather than waiting for a breakout to chase higher entries.
That has been a significant part of why SHIB has been trading the way it has recently — it is calm on the surface, but there are major sums moving behind the scenes.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team