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A series of on-chain transactions, documented by Arkham, pulled 2,204,312,787,879 SHIB out of Coinbase's "0xA9D" hot wallet and sent it all to one address, creating a cluster that is pretty unusual because of how big it is and how it happened.
The transfers came in six pieces — from 11.7 billion SHIB to 584.6 billion SHIB per tranche — and at current pricing, the receiving wallet ended up sitting on about $18.76 million worth of SHIB. This matches the behavior of holders who prefer to take size off the exchange before market conditions change.
The Shiba Inu coin is still stuck around $0.00000852, which the market has tested a bunch of times without breaking. Even though the chart is not showing a clear trend, there is a pattern of small dips followed by stabilization, and you can see this in both daily and intraday frames.
Sellers tried to push the meme coin lower earlier in the week, but each move stalled before doing any damage, leaving SHIB stuck in a narrow range.
What's going on with SHIB on Coinbase?
Coinbase's SHIB balance has been dropping all month, and these withdrawals are adding to expectations. The destination wallet is a new one and does not have a history of quick cash-outs, which makes it seem like these tokens are being prepared for fast rotation rather than being prepared for sales.
That is important because the market now has clean levels to watch: $0.00000860 as the level that keeps the ascending structure intact, $0.00000950 as the first real ceiling and $0.00001 as the point where the sentiment change awaits Shiba Inu.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team