Shiba Inu (SHIB), the meme-inspired cryptocurrency, is once again making headlines as an unknown whale withdrew a staggering 165.37 billion SHIB tokens from the major U.S. exchange Coinbase over the last five days. Citing on-chain data from Arkham Intelligence, the individual operating the “0x73f8” address coordinated an enormous withdrawal now worth about $2.26 million.
The whale’s activity was performed in three different calls, the last and most important of which was realized by swapping 97 billion SHIB tokens for approximately $1.33 million. The latest one was conducted in the last 17 hours. What is more important to emphasize is the absence of previous transactions. This has evoked curiosity across the SHIB community. Despite all of these transactions, it seems as if the Whale continues to have more up their sleeve as all of these were executed on Coinbase.
Source: Arkham Intelligence
Also Read: Shiba Inu Outperforms Ethereum in Yearly Performance, Achieves Significant Milestones
Market Awaits SHIB Whale’s Next Move
As the price fluctuations of Shiba Inu continue to oscillate in a relatively closed range, the market is now in what many regard as an accumulation phase. This phase, which usually operates under slow price fluctuations, is a trying period for traders and investors. But it is also a time when intelligent players in the market, both large and small, take their positions in various assets, including Bitcoin.
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These buy and sale activities of the unknown SHIB whale have again drawn attention to Shiba Inu. The market is now waiting to see whether this ‘whale’ will continue ramping up its buys at the current price levels or which direction it will take once it gets a more robust market trend signal. The Shiba Inu community is always paying attention to these changes as they may indicate future fluctuations in Shiba Inu price or changes in the aggregate market.
This whale’s activity can be said to have restored attention to Shiba Inu and discussions about the market-oriented strategy. Such many tokens can be seen as bullish; however, the market is now cautious and waiting for more signs.
Source: SHIB to USD by CoinMarketCap
Conclusion
Shiba Inu is again in the crypto spotlight, thanks to the significant moves by a mysterious whale. The coming days will be crucial in determining the impact of these large withdrawals on the SHIB market. As the community and investors monitor the situation, Shiba Inu’s position in the crypto world continues to be one of interest and speculation.
Also Read: Shiba Inu Community Warned of Scam Risks Amid TREAT Token Anticipation
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.