Mysterious Shiba Inu (SHIB) Whale Stuns Major US Exchange With $2.2 Million Withdrawal

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As a seasoned analyst with years of experience tracking cryptocurrency transactions, I find this recent development involving the mysterious Shiba Inu whale intriguing. The sudden large-scale withdrawal of SHIB tokens from Coinbase has sparked curiosity in the crypto community, and rightfully so.

Based on Arkham Intelligence’s findings, an unidentified whale is said to have stolen approximately 12.7 billion Shiba Inu (SHIB) tokens from the leading U.S. cryptocurrency exchange, Coinbase, yesterday evening. This sum of the meme-inspired cryptocurrency translates to roughly $0.2 million and does not appear to be unusual.

However, the on-chain history of the address behind the large withdrawal opens a veil that hides something more interesting. 

It’s revealed that the wallet identified by “0x0907A” initially held a substantial amount of Shiba Inu tokens, which, upon further deposit, totaled approximately 135.45 billion SHIB, equivalent to around $2.38 million. Interestingly, it’s been found that this anonymous Shiba Inu buyer has been transferring large quantities of the meme cryptocurrency from Coinbase over the past two days.

Specifically, a recent transaction involving 12.7 billion SHIB tokens isn’t the only significant one within the last 24 hours. Earlier, approximately 69.63 billion SHIB (equivalent to around $1.22 million) were taken out from a blue exchange, which wasn’t the first such transfer in this timeframe.

Why?

“The reason for a mysterious whale withdrawing Shiba Inu tokens to a fresh address can also be clarified. If this wallet is linked to the exchange itself, it might simply be emptying its active wallets for routine operations, with no other intent involved.

One possible explanation might be that the unidentified purchaser is optimistic about Shiba Inu (SHIB). This perspective aligns with how regular cryptocurrency market participants view such transactions, as they often interpret such trades as a favorable indication for SHIB’s price increase.

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2024-10-24 16:54