Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A big-time Coinbase investor has been buying up a ton of Shiba Inu (SHIB) over the past couple of days, raking in a total of 191.857 billion. This has bumped up their holdings to a whopping $2.43 million.
The wallet got four separate transfers directly from Coinbase's hot wallet, making it one of the biggest accumulations on record recently.
Data from Arkham shows inflows of SHIB in amounts of 22.47 billion, 38.39 billion, 102.59 billion and 28.39 billion, with the largest single purchase being about $1.28 million. A total of $2.4 million in SHIB was withdrawn from the leading U.S. crypto exchange and parked in a single address, with no outflows.
SHIB is trading at around $0.000013, up +0.88% on the day. On the three-day chart, the token is boxed between $0.00001159 and $0.00001689. A break above resistance may reach $0.00002025, while slipping below support may pull back to the $0.000010 range.
What does it all mean for Shiba Inu coin?
This whale's been super active lately, which is unusual because most of the other flows have been smaller and more fragmented. Moving almost 192 billion SHIB from a major exchange wallet into a single address suggests that it is being accumulated and is not just a short-term investment.
Now that the address has its whole $2.4 million portfolio in SHIB, the whale's moves really stand out against a market where liquidity is thin and inflows are limited. Whether this concentration is a good sign or a bad one depends on how SHIB reacts around its line of support in the coming days.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team