According to data from Arkham Intelligence, an unknown whale took practically 12.7 billion Shiba Inu (SHIB) tokens from the largest crypto exchange in the United States, Coinbase, late yesterday. This amount of the popular meme-inspired cryptocurrency is equivalent to just over one-fifth of a million dollars and represents nothing out of the ordinary.
However, the on-chain history of the address behind the large withdrawal opens a veil that hides something more interesting.
Yuri MolchanThus, the wallet under the address "0x0907A" already contained a rather large block of Shiba Inu tokens which, with a new addition, began to equal 135.45 billion SHIB, or $2.38 million. The thing is, it turns out that this unknown SHIB buyer has been withdrawing the meme cryptocurrency from Coinbase on a large scale over the past two days.
In particular, the latest transfer of 12.7 billion SHIB is not the first in these 24 hours, when first, almost 69.63 billion SHIB were withdrawn from the blue exchange, which is equivalent to about $1.22 million.
Why?
The motivation behind Shiba Inu tokens being withdrawn by an unknown whale to a new address can be named too. The first is if this wallet belongs to the exchange itself, and it is just cleaning out its hot wallets. In this case, the transfer is purely operational and has no other bias.
Another reason could be that the unknown buyer is bullish on SHIB. This also correlates with the way these transfers are viewed by ordinary crypto market participants, for whom the exchange's conclusions are a positive signal for the token's price.
Denys Serhiichuk
Yuri Molchan
Vladislav Sopov
Dan Burgin