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A whale position that did not last very long and was worth over $2 million in SHIB just moved through Coinbase, completing a full in-and-out cycle in less than two days.
Based on the Arkham data records, on Nov. 4, 233,154,581,487 SHIB were transferred from a Coinbase hot wallet to a deposit address, and then, two days later, it was returned to Coinbase's main operational wallet.
There were not any swap transactions or external addresses involved, so the move stayed completely within Coinbase's system. That could mean a liquidity test, internal reallocation or a brief custody shift tied to institutional order flow.
Timing-wise, the round trip happened during one of Shiba Inu coin's calmest trading periods this quarter, with prices stuck in the $0.0000087-$0.0000090 range.
At that price, the transferred volume is about half of SHIB's daily spot turnover, so the move has some market weight even without open-market selling.
Shiba Inu (SHIB) in November
Historically, November has been a weak period for SHIB — the token declined in the same month three out of the last four years, averaging a drop of around 10%.
If this transfer was an external withdrawal, it means there is not much time to hold on and it is difficult to feel confident about the current price levels. If it is internal, it still shows less activity on the exchange side and less retail engagement.
Either way, the data shows that large SHIB positions continue to move around inside Coinbase's system instead of piling up in independent wallets. This suggests a bit of caution, not growth, in the current market.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team