Shiba Inu Price Stagnates as Whale Moves Billions in Tokens

The cryptocurrency market has experienced little movement recently, and Shiba Inu (SHIB) is no exception. Over the past week, SHIB’s price has remained stuck within a narrow range, fluctuating between $0.000017 and $0.00001475. Despite the recent historic liquidation event in the digital asset market, SHIB’s price neither climbed higher nor tested local lows.

While SHIB’s price chart remains uneventful, significant activity continues in the on-chain ecosystem. According to Arkham Intelligence, an unknown wallet associated with the address “0xB7e09” recently withdrew approximately 151.61 billion SHIB tokens from Coinbase. This massive transfer, valued at $2.41 million at SHIB’s current price, occurred over five days.

Source: Arkham Intelligence

Wallet’s Background Raises Questions

This wallet has no prior transaction history involving Shiba Inu tokens, making its activity even more intriguing. Furthermore, all withdrawals originated from a specific Coinbase address, leading some to speculate that the wallet could belong to Coinbase itself. If so, these transactions might simply reflect internal operations by the exchange.

Alternatively, if the wallet belongs to an independent entity, this could signal significant SHIB accumulation by a major investor, often referred to as a “crypto whale.” This scenario suggests bullish sentiment surrounding SHIB.

A Leading Wallet for SHIB Withdrawals

Over the past 24 hours, this wallet has ranked among the largest in terms of Shiba Inu token outflows from exchanges. Its notable activity has drawn attention within the cryptocurrency community.

The intentions behind these transactions remain speculative, but the scale of the withdrawals hints at optimism from this particular wallet holder. Whether this represents internal exchange activity or strategic accumulation by a whale, it reinforces the importance of on-chain data in understanding market dynamics.

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As SHIB’s price holds steady, investors continue to watch for further developments that could influence its future direction.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.