Leading U.S. exchange Coinbase has been hit by the withdrawal of billions of Shiba Inu (SHIB) tokens 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According to Arkham Intelligence, an unknown whale using the address "0x12F72" has withdrawn 105.866 billion SHIB from Coinbase in the last 13 hours, equivalent to $1.99 million at current exchange rates. 

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It occurred in three transfers, starting with a withdrawal of 13.29 billion SHIB or $253,330 from the Coinbase hot wallet. This was followed by a withdrawal four times the size of the first, with 67.257 billion Shiba Inu tokens leaving the leading U.S. exchange. The third and final withdrawal to date was made by an unknown whale just a few hours ago. 

Source: Arkham Intelligence

The address operated by the unknown major player is brand new and has not appeared in on-chain reports before.

Shiba Inu (SHIB): Price outlook

With no information on who the anonymous major buyer of Shiba Inu tokens might be, or whether this wallet belongs to the exchange itself, the only conclusion is that someone with a lot of capital is indeed bullish on the popular meme-inspired cryptocurrency.

SHIB to USD by CoinMarketCap

The mysterious SHIB withdrawals have stunned the major U.S. exchange amid the token's rather interesting price action. After consolidating all week in a tight range between $0.000019 and $0.0000175 per SHIB, the price of the meme-inspired token broke out today, briefly taking its quotes as high as $0.00001933. 

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Although the pump was sold off within the hour, it left a huge wick to the upside, reminding traders that there are buyers willing to buy at higher prices.