Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
An unknown major investor recently withdrew over 80 billion Shiba Inu (SHIB) tokens from leading U.S. crypto exchange Coinbase. According to on-chain data from Arkham Intelligence, the previously empty wallet under the code "0xE0624" began actively transferring SHIB tokens from Coinbase today and managed to add $2.39 million worth of Shiba Inu to its holdings in 13 hours. In total, it four transfers to accumulate a staggering 80.547 billion SHIB.
Godfrey BenjaminSuch withdrawals are seen as a bullish sign by crypto market participants, as it is believed that large investors bought a huge amount of cryptocurrency and then withdrew it to more noncustodial and secure storage.
However, this move is not common for the popular meme-inspired cryptocurrency, at least as of today. Thus, according to the on-chain exchange flow metric, there were more Shiba Inu tokens flowing into exchanges than out. The total net flow can be estimated at 1.224 trillion SHIB as of today.
Shiba Inu (SHIB): Price outlook
Meanwhile, the price of the token itself reached a crucial support level at around $0.00003 per SHIB. The price of the Shiba Inu token has been flirting with this important line for the past few days, testing it with breakouts that were all bought back by the more bullish investors.
In the most recent episode, the price of SHIB dropped to $0.0000295 and then immediately jumped 3% in the next 18 minutes. This further confirms bulls' interest in buying the Shiba Inu token there and makes the support level stronger.
Yuri MolchanWhether the unknown new whale withdrew SHIB from Coinbase due to the strong price outlook remains an open question, but the fact is that right now the Shiba Inu token's performance leans more to the green than the red.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov