Leading US exchange Coinbase has been hit by a billion-dollar withdrawal of Shiba Inu tokens (SHIB) over the past 24 hours. According to Arkham Intelligence, an unknown whale using the address “0x12F72” has withdrawn 105.866 billion SHIB from Coinbase in the past 13 hours, equivalent to $1.99 million at current exchange rates.
It happened in three transfers, starting with a withdrawal of 13.29 billion SHIB, or $253,330, from Coinbase’s hot wallet. This was followed by a withdrawal four times larger than the first, with 67.257 billion Shiba Inu tokens leaving the leading US exchange. The third and final withdrawal to date was made by an unknown whale just a few hours ago.
This address, managed by an unknown large entity, is completely new and has never appeared in previous on-chain reports.
Shiba Inu (SHIB): Price Outlook
With no information on who the primary anonymous buyer of the Shiba Inu token is, or whether the wallet belongs to an exchange, the only conclusion is that someone with a lot of capital is indeed bullish on this popular meme-inspired cryptocurrency.
The mysterious SHIB withdrawal has stunned a major US exchange amid an interesting token price action. After consolidating all week in a narrow range between $0.000019 and $0.0000175 per SHIB, the meme-inspired token's price spiked today, briefly reaching as high as $0.00001933.
Even though the price sold out within an hour, it still left a large wick above, reminding traders that there were still buyers willing to buy at higher prices.