In one of the largest Shiba Inu (SHIB) transactions of the past 24 hours, 56,329,137,888 SHIB (worth ~$686,652) was transferred from Coinbase Prime to an unidentified new wallet. The transaction stands out due to its single-batch execution and the institutional nature of the sender.
Key Details of the Transfer
- Sender: Wallet "0x99c3" linked to Coinbase Prime (the exchange’s professional custody/trading service).
- Recipient: Wallet "0x2072" shows no prior activity, suggesting a strategic move rather than routine internal shuffling.
- Purpose: Unclear—could relate to custody, trading, or long-term holding. Notably, the SHIB was not liquidated or moved to another exchange.
👉 Why are institutional investors moving SHIB?
SHIB Price Reaction
Despite the transfer, SHIB’s price saw a minor uptick:
- Current Price: $0.0000122 (+1.7% in 24h).
- Weekly Performance: Down 2.67%, with a trading volume exceeding $115 million.
- Market Cap: ~$7.18 billion.
Why This Matters
- Institutional Involvement: The use of Coinbase Prime signals high-net-worth or institutional participation, not retail activity.
- Strategic Move: Large withdrawals often indicate custody shifts or preparations for future trades/staking.
FAQs
Q: Why would someone withdraw SHIB instead of selling it?
A: Large holders may move tokens to cold storage for security, stake them, or avoid exchange-based risks like hacks.
Q: Could this affect SHIB’s price?
A: Not immediately. The tokens weren’t sold, so no sell pressure was added. However, such moves can signal long-term confidence.
Q: Is Coinbase Prime only for institutions?
A: Primarily, yes. It caters to hedge funds, corporations, and wealthy individuals with advanced trading needs.
👉 Discover how SHIB compares to other meme coins
Final Thoughts
While the transfer appears routine, its scale and institutional origin suggest deeper strategy. For now, the SHIB community watches for follow-up activity from wallet "0x2072."