Major U.S. cryptocurrency exchange Coinbase recently saw a large outflow of popular meme-inspired cryptocurrency Shiba Inu (SHIB).
In the last four days, about 169.63 billion SHIB left the exchange's hot wallet. This is worth about $2.5 million at current Shiba Inu coin prices. The recipient wallet is "0x8a26," which has no previous transaction history.
Tomiwabold OlajideThe withdrawal took place in four tranches, the last of which happened about 19 hours ago and was the largest, with 62.783 billion SHIB leaving Coinbase.
Such withdrawals from centralized crypto platforms are perceived by the public as the act of a large investor buying coins on the most liquid platform and then withdrawing them to non-custodial storage.
However, this may just be an internal operation of the exchange itself. For example, the need for security is especially logical after the recent $1.5 billion ByBit exploit.
Sentiment on SHIB divided
Looking at the on-chain exchange flow data presented by Arkham Intelligence, it can be said that withdrawals from the exchange are not a common trend right now, and most of the SHIB cryptocurrency is currently flowing in, not out, of exchanges.
This is in contrast to withdrawals, which can be a bearish sign, as those who intend to sell the cryptocurrency usually do so by depositing their holdings on the platform as the most liquid place to get rid of the asset.
The broader crypto market does not offer a clear vision of Shiba's further direction right now, so such dynamics are understandable. The impact on the price is also visible.
Arman ShirinyanHow this situation will be resolved, however, remains open to speculation. If it is indeed a whale withdrawing billions of SHIB from Coinbase, it will be interesting to see if their tactics pay off.
Dan Burgin
Vladislav Sopov