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On Aug. 15, one of the largest Shiba Inu (SHIB) transfers in weeks occurred on the Ethereum blockchain when a Coinbase Institutional wallet sent three trillion SHIB — valued at $38,244,783 at the time — to a new private address.
The receiving wallet had no history before, and five days later it still shows SHIB as its only holding. Based on current prices, that holding is worth about $37,290,000.
This amount of SHIB exceeds what most midsized exchanges carry in visible reserves, and removing it from Coinbase reduced the exchange’s liquid balance. To put this in perspective, this transfer alone equals nearly 0.5% of SHIB’s circulating supply, which would place it among the top 50 SHIB addresses.
The wallet currently holds no ETH or other ERC-20 tokens, suggesting that this was not a portfolio reshuffle but a direct transfer to a new address. The purpose of this move remains uncertain: cold storage, custodial transfer or preparation for staking and DeFi pools.
What's with Shiba Inu (SHIB) price?
Shiba Inu has a market capitalization of $7.31 billion, daily trading volumes of $187.79 million and price action that has been under pressure, down over 8% over the past week. Moves of this magnitude does not change fundamentals overnight, though they chip away at available supply on exchanges.
A total of $37,290,000 worth of coins changing hands in a single transaction is enough to make this wallet the biggest Shiba Inu bull of the week.
While it does not explain why the move was made, one clear fact remains: Coinbase lost $38,000,000 in SHIB inventory to a holder who seems in no hurry to sell.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team