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A major Shiba Inu (SHIB) holder associated with Coinbase recently transferred its entire balance of 202.49 billion SHIB — around $2.64 million — directly to a Coinbase Prime hot wallet. The transfer hit the blockchain about 18 hours ago, and it is the first time this address has done anything since it quietly finished buying up the tokens more than two months ago.
That buying phase was not a one-time purchase, either.
The wallet's position grew through a series of 15.42 billion SHIB deposits from Coinbase Prime, along with a smaller 833.9 million SHIB top-up, bringing the total to just over 202 billion.
The tokens did not move — there was not a drop-off to other addresses or a transfer to new ones — and then, all of a sudden, the tokens returned to their original source without any prior warning or smaller transactions leading up to the shift.
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This stands out even more because, just earlier this week, another large SHIB holder connected to Coinbase did almost the same thing. That whale also gathered billions of tokens in measured blocks, held onto them for weeks and then sent them all back to an exchange wallet in one move, creating a sense that these actions may be part of a wider ongoing trend.
SHIB itself has not broken out of a tight range of $0.00001299 to $0.00001303 since the latest transfer, but the price had already slipped ahead of the move.
Whether or not the tokens hit the market immediately, these kinds of inflows often add sell-side pressure, particularly when more than one major holder takes the same step within such a short period.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team