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In a move that has caught the attention of the crypto community, a massive 2,542,712,471,794 Shiba Inu (SHIB) tokens worth around $31.65 million were transferred to Coinbase Institutional in a single transaction, according to data from Whale Alert.
Whale Alert reports that "2,542,712,471,794 SHIB (31,651,684 USD) transferred from unknown wallet to Coinbase Institutional."
The SHIB transfer, which originated from an unknown wallet, suggests that a major whale or institutional entity could be making a strategic play. The transaction, due to its magnitude and the relatively short time frame, has sparked speculation about whether it is a sell-off preparation, a custodial migration, or a signal of institutional interest in SHIB.
The huge whale transaction, however, was shown to be related to market maker custody rather than a whale looking to sell coins. The receiving address, Coinbase Institutional — a service tailored for high-net-worth individuals and institutions — provides insight into the transaction.
A large holder or fund might be preparing to custody SHIB in expectation of future price appreciation. It could also simply be transferring assets from a cold wallet to Coinbase Institutional for secure storage, not immediate selling.
SHIB price action
Shiba Inu experienced a three-day slide from its June 3 highs of $0.00001345 but recovered at support near $0.0000119 on Friday with above-average volume, indicating a clear demand zone. The momentum was sustained in the early Saturday session. As of writing, SHIB was up 3.10% in the last 24 hours to $0.00001282 and 3.70% weekly.
The cryptocurrency is still caught in a downward-trending channel, as indicated by trendlines connecting the highs on May 12 and May 23 to the low on May 17.
On the upside, Shiba Inu would face an immediate resistance at $0.00001389, which coincides with the daily SMA 50, ahead of the daily SMA 200 at $0.00001745.
Vladislav Sopov
U.Today Editorial Team