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A mysterious crypto whale has moved over 80 billion Shiba Inu (SHIB) tokens, worth $2.39 million, from Coinbase to an unknown wallet within 13 hours. According to Arkham Intelligence, the empty wallet, coded "0xE0624," suddenly became active and conducted four transfers to accumulate the tokens.
This significant withdrawal is seen as a bullish signal in the crypto community, as it indicates strong investor confidence. Large holders typically move assets to secure, noncustodial wallets when anticipating price growth.
Price and Market Movement
Currently, SHIB is trading around a crucial support level of $0.00003. After briefly dipping to $0.0000295, the price quickly rebounded by 3% within minutes, suggesting strong interest from bullish investors.
However, today’s on-chain metrics reveal a net inflow of 1.224 trillion SHIB into exchanges, showing a mix of buying and selling pressures.
What This Means for SHIB
The whale activity aligns with growing interest in SHIB, strengthening its support levels and reinforcing market optimism. While the full motive behind the whale’s withdrawal remains unclear, the market outlook for Shiba Inu leans more bullish as it gains traction among investors.
With price breakouts consistently being bought back, SHIB’s short-term future looks promising.
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