Whale Withdraws 105 Billion SHIB from Coinbase, Leaving Analysts and Traders Speculating on the Purpose Behind This Bold Move

The transaction comes amid volatile price action for the meme-inspired cryptocurrency.

A mysterious whale has withdrawn 105 billion Shiba Inu (SHIB) tokens from Coinbase, which is valued at $1.99 million. This move has left analysts and traders speculating on the purpose behind it, especially considering the recent volatile price action for the meme-inspired cryptocurrency.

The withdrawal was spotted by Arkham Intelligence, and it comes as the latest in a string of large SHIB withdrawals from Coinbase. The total amount of SHIB withdrawn in the last day is striking.

According to the tracking service, an anonymous whale (0x12F72) withdrew 105.866 billion SHIB from Coinbase over the past 13 hours. At current exchange rates, this悚きます.99 million.

The transaction involved thirteen separate transfers, each ranging in size from three to thirteen billion SHIB (or $253,330). The first withdrawal was from the Coinbase hot wallet, and it kicked off a chain of large SHIB movements.

The second withdrawal saw 67.257 billion Shiba Inu coins being shifted out of the top US exchange. This transfer was four times larger than the initial one.

The third and final withdrawal for the morning was made by an unidentified whale. This large transaction occurred just a few hours ago.

As highlighted earlier by U.Today, the address of the undisclosed large player is entirely new and has never been featured in on-chain reports before.

All we know for sure about the mysterious large buyer of Shiba Inu tokens at this point is that they are quite bullish on the popular meme-inspired cryptocurrency. Neither the identity of the buyer nor the affiliation of this wallet with the exchange have been disclosed.

These massive SHIB withdrawals from the large U.S. exchange occurred during some interesting price action for the token.

The meme-inspired token's price finally broke out today, briefly reaching values as high as $0.00001933 after settling all week into a narrow band of $0.000019 to $0.0000175 per SHIB.

This pump was sold off within the hour, but it left a massive upside wick, indicating that buyers are still interested at higher prices.

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