As a seasoned crypto investor with a knack for deciphering market trends and a penchant for meme-inspired digital assets, this recent move by an anonymous major investor withdrawing over 80 billion SHIB tokens from Coinbase has piqued my interest. The rapid accumulation of such a staggering amount in just 13 hours is indeed intriguing and could potentially be a bullish sign for the Shiba Inu token.
A significant, unidentified investor has recently removed approximately 80.547 billion Shiba Inu tokens from the prominent U.S. crypto exchange, Coinbase. As per data from Arkham Intelligence, a wallet with the code “0xE0624” – previously empty – became active today on Coinbase and transferred SHIB tokens, adding approximately $2.39 million worth of Shiba Inu to its holdings within 13 hours. This was accomplished through four separate transactions.
Large-scale crypto withdrawals are often interpreted as a positive signal within the market, as they’re thought to reflect actions taken by significant investors. These investors are likely to have purchased substantial amounts of cryptocurrency, subsequently transferring them from custodial wallets to more secure, non-custodial ones for safekeeping.
As a researcher, I’ve noticed an unusual trend in the popular meme-based cryptocurrency, Shiba Inu: there seems to be more tokens being sent to exchanges than withdrawn from them lately. Based on the on-chain exchange flow metric, the net outflow of SHIB tokens amounts to approximately 1.224 trillion as we speak today.
Shiba Inu (SHIB): Price outlook
Over the last several days, the Shiba Inu token’s price has repeatedly approached a significant barrier at approximately $0.00003. Each attempt to surpass this level was met by stronger buyers, who quickly snapped up any breakouts that occurred.
Just now, in the latest episode, the SHIB token price plummeted to $0.0000295, but within a mere 18 minutes, it surged by 3%. This swift rise suggests that buyers are keen on investing in Shiba Inu and strengthens its support level.
It’s uncertain if the unidentified whale sold Shiba Inu tokens from Coinbase based on the positive price forecast; however, it’s clear that at this moment, the Shiba Inu token’s trend is leaning towards an increase rather than a decrease in value.
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2024-12-04 19:29