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Not much is going on in the cryptocurrency market, especially with the price of the Shiba Inu (SHIB) token, lately. It has been a week since the largest liquidation event in the history of the digital asset market, and the SHIB price seems to be stuck in a tight range between $0.000017 and $0.00001475, neither rising nor testing local lows.
However, the lack of action on the price chart does not mean that there is nothing going on at all, as most of the activity takes place "behind the scenes," in the on-chain realm.
Godfrey Benjamin
Thus, as became known thanks to data from Arkham Intelligence, the unknown wallet behind the address "0xB7e09" withdrew almost 151.61 billion SHIB from the leading U.S. cryptocurrency exchange, Coinbase, in the last five days. This colossal amount of meme coins is worth about $2.41 million at today's SHIB price.
What is known about wallet?
Well, not much, as it has no history prior to this activity with the Shiba Inu token. More to the point, all withdrawals were made from the Coinbase address in question. This fact may indicate that the address belongs to the exchange itself.
In this case, the mysterious activity may be nothing more than the internal operations of the platform. However, if not, then the market is witnessing an act of massive SHIB accumulation by a major investor.
Arman ShirinyanThe activity is so noteworthy that this address has become one of the largest in terms of Shiba Inu token outflows from exchanges in the last 24 hours. What happens next for SHIB remains an open question, but at least we know the intentions of this particular cryptocurrency whale. And they seem to be on the bullish side.
Tomiwabold Olajide
Valeria Blokhina
Dan Burgin
Vladislav Sopov