Mysterious transfer activity continues to happen with the popular meme-inspired cryptocurrency Shiba Inu (SHIB). Once again, it was spotted on a leading digital assets exchange in the U.S. - Coinbase.
In the last few hours, a wallet with the address "0xB768" withdrew a colossal amount of 85.544 billion SHIB, worth about $1.41 million, from the platform, as reported by Arkham Intelligence data.
The wallet is fresh and was never used before, as always happens with such transfers. Interestingly, after the transfer was completed, the recipient instantly climbed to the top in terms of inflows of the Shiba Inu coin in the last 24 hours.
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Sudden withdrawals to previously unknown addresses tend to cause a ripple effect on the markets, as many traders see them as a buy action on behalf of a large player.
If it is indeed like that, it does not really matter - but the perception does. It could also be an inner operation of the exchange, shifting coins and funds between its hot wallets and deposits.
Source: Arkham Intelligence
The price of the Shiba Inu coin reacted with growth, though it may not be directly linked to this transfer at all. Currently, SHIB is quoted at $0.0000167, up 2% over the course of today's trading session. Market watchers remain divided on whether this movement signals a bullish trend or just routine internal activity.
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Some may speculate that a whale investor could be accumulating SHIB, potentially driving further price momentum. Others suggest that this might be part of an ongoing pattern of strategic liquidity movements.
Whether the mysterious transfer activity with SHIB on Coinbase continues or this was an act of solo withdrawal remains a key question in this situation. We will have to wait and see if other movements follow, but it might be a sign of something bigger.
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