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.
There is a new entry on the list of major Shiba Inu holders after an address linked to Coinbase Prime collected 335,981,991,365 SHIB, which is almost $3.9 million now.
The transactions go back over a month. At first, the inflows looked regular, with blocks of 8.5 billion to 15.5 billion SHIB being sent out from Coinbase wallets. That pattern changed this week. That same destination saw a bunch of 16.228 billion SHIB transfers, one after the other, each worth almost $200,000.
Every time a batch was recorded, the balance of the receiving address (0xCE299c) went up until it passed 335,981,991,365 SHIB in all.
Thus, on-chain trackers now put this wallet in the midtier group of whales. It is big enough to be noticed but still way behind the top accounts that hold trillions. However, most of them are centralized exchanges.
Shiba Inu (SHIB) price reaction
The token's market is showing no direct reaction despite the size of the position. SHIB is trading near $0.00001162, which is about 2% lower than yesterday and weaker than in early September, when it reached above $0.000013.
The numbers have stayed low, which suggests that the inflows do not have market interest.
As it stands, this giant SHIB absorption might be a build-up at lower prices, or maybe it is Coinbase sorting out its Shiba Inu coin balances in a new wallet. The only thing we can be absolutely sure of is that hundreds of billions of the Shiba Inu coin left the largest U.S. crypto exchange.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team