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A Coinbase whale just minted itself a Shiba Inu (SHIB) billionaire — at least on-chain. In a big move tracked by Arkham, a mysterious address got 48.53 billion SHIB from Coinbase's hot wallet, worth about $422,700 at the time of transfer.
The transaction, which happened just eight hours ago, is one of the biggest single SHIB withdrawals in the last few days.
The recipient wallet is not new to Ethereum, as it has the "Ethereum First Funder" tag, showing it has been around for a while — but its recent activity shows a clear shift. With a portfolio worth $2.54 million, the address holds 410 ETH, but SHIB has suddenly jumped to second place, with over $408,000.
While the SHIB market as a whole dropped by 2.8% today to $0.00000839, the whale's entry suggests that they are building up their position at a price they think is too low for the meme coin. SHIB recently tried to break above $0.00000900 but could not hold, trading just above key local support levels now.
Potential profit of this Shiba Inu (SHIB) play
Technical traders are watching the $0.00000699 line as a possible safety net, with targets of around $0.00001102 and $0.00001203 — the next areas of resistance where the Shiba Inu coin has previously encountered pushback.
If the whale's timing is right, that next leg up could lift their position by $160,000 to $200,000.
Arkham's balance history shows the impact. The wallet portfolio shot up from under $500,000 to over $2.5 million in less than two months, with the SHIB move being the latest catalyst.
It is not clear if this is strategic anticipation of an exchange relisting, meme coin rotation or a more fundamental bet on SHIB's next cycle, but one thing is clear: this address did not hesitate while retail holders were unsure.
Gamza Khanzadaev
Godfrey Benjamin
Alex Dovbnya
Tomiwabold Olajide