The leading Shiba Inu (SHIB) holders associated with Coinbase have recently transferred their entire balance of S224.9 billion (approximately $2.64 million) directly to Coinbase Prime Hot Wallet. This transfer hit the blockchain about 18 hours ago, but this is the first time this address has done anything since the token purchase quietly ended more than two months ago.
The purchase stage was not a one-time purchase either.
The wallet location grew through 15.42 billion SHIB deposits from Coinbase Prime and top-ups of 833.9 million SHIBs, a slight increase of 220 billion in total.
The token did not move – there was no drop-off to other addresses or transfer to new ones – and suddenly the token returned to its original source without any small transactions leading up to previous warnings or shifts.
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This stands out even more. Because earlier this week another large siv holder connected to Coinbase did about the same thing. The whale also collected billions of tokens in measured blocks, held them for several weeks, then sent them back to the exchange wallet all in one move, creating a sense that these actions could be part of a wider, continuing trend.
Shib itself has not been split from the tough range of $0.00001299 to $0.00001303 since the latest transfer, but prices have already preceded the move.
Whether or not the tokens immediately hit the market, this kind of influx often adds sell-side pressure, especially if multiple major owners take the same step within such a short period of time.
