In a series of on-chain transactions documented by Arcam, 2,204,312,787,879 SHIB was withdrawn from Coinbase’s 0xA9D hot wallet, all sent to a single address, forming a cluster that is highly unusual given its size and how it occurred.
The transfers were made in six installments ranging from SHIB 11.7 billion to SHIB 584.6 billion per tranche, and at current prices, the recipients ended up with about $18.76 million worth of SHIB in their wallets. This is consistent with the behavior of holders who prefer to remove size from exchanges before market conditions change.
Shiba Inu Coin is still hovering around $0.00000852, and the market has tested this level multiple times without breaking out. Although the chart does not show a clear trend, there is a pattern of small declines followed by stabilization, which can be seen in both daily and daily frames.
Sellers attempted to push the meme coin lower earlier this week, but any moves stalled before they could do any damage, leaving SHIB trapped in a tight range.
What’s going on with Coinbase’s SHIB?
Coinbase’s SHIB balance has been decreasing throughout this month, and these withdrawals are adding to the excitement. Since the destination wallet is new and has no history of quick cashouts, these tokens appear to be prepared for fast rotation rather than being prepared for sale.
This is important because there are clean levels in the market to watch. $0.00000860 as the level to maintain the upward structure, $0.00000950 as the first real ceiling, and $0.00001 as the point at which the Shiba Inu waits for a change in sentiment.
