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One of the larger Shiba Inu (SHIB) whales tied to Coinbase has just made a decisive move, which may disappoint those bullish on the popular meme coin. As revealed by Arkham data, 202.48 billion SHIB worth about $2.6 million were transferred back to the exchange after the unknown major investor was sitting in the position for just over two months.
Blockchain data shows the transfer was made from wallet "0x7424" to Coinbase Prime’s hot wallet roughly 16 hours ago, marking the first significant outflow from this address since its accumulation phase.
Looking back at the wallet’s history, the build-up was methodical. Over a short period two months ago, the address received multiple inbound transfers from Coinbase Prime, often in identical 15.42 billion SHIB blocks, along with a single 833.9 million SHIB transaction. The tokens stayed put, with no sign of short-term flipping — until the full amount was moved in one go.
What's with Shiba Inu (SHIB) price?
The timing lands in a market moment where SHIB’s price is holding above $0.00001320, a modest 2.87% gain on the day but still shy of the July peak near $0.00001550. The broader trend since mid-July has been a series of lower highs, hinting at hesitation among buyers, and large exchange-bound transfers like this often add to that caution.
Whether this was a straight profit-taking play or a repositioning ahead of volatility is unclear, but it is the kind of transaction that gets noticed. A slip under the $0.00001289 support zone could invite a deeper test of the $0.00001227 area, while pushing past $0.00001350 would give bulls another shot at the $0.00001500 range.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team