Monday, February 26, 2024
HomeCryptocurrencyHundreds of Billions of SHIB Withdrawn from Coinbase Spark SHIB Army Reactions

Hundreds of Billions of SHIB Withdrawn from Coinbase Spark SHIB Army Reactions

A sizable and unexpected movement of SHIB tokens has sparked reactions within the Shiba Inu community. Etherscan data reveals a single wallet, currently unidentified, has withdrawn a staggering 225 billion SHIB tokens from the prominent U.S. crypto exchange Coinbase.

This withdrawal, executed in two transactions over two days, raises questions about the motivations behind the move and its potential impact on the Shiba Inu (SHIB) market.

Read Also: 850 Billion SHIB Withdrawn From Binance Sparks Speculation Among SHIB Army

The first instance saw 132.22 billion SHIB tokens leave Coinbase, followed by an additional 92.83 billion tokens within the subsequent 24 hours. These transactions involved significant amounts of SHIB tokens, with the current holdings of the anonymous wallet estimated at $1.99 million, solely in SHIB.

Intriguingly, the timing of this large-scale withdrawal coincides with a period of relative stability in the Shiba Inu (SHIB) price. Despite the movement of tokens valued at nearly $2 million, the price of SHIB has remained relatively unchanged over the past fortnight, hovering around $0.000009 per token.

SHIB is currently trading at $0.000009043, up 1.72% over the last 24 hours. This lack of volatility has led some to speculate that the withdrawals might signal an accumulation phase, with investors anticipating a potential price surge soon.

Anonymity and Uncertainty

The unknown identity of the individual or entity behind these transactions adds an element of uncertainty. While some might interpret this as a bullish indicator, reflecting confidence in SHIB’s future potential, others remain cautious. These transactions could also be internal maneuvers by Coinbase. Although it has not been confirmed, this possibility cannot be ruled out entirely.

Although anonymity is a great feature of blockchain technology, it has its disadvantages, as the limited information from transactions like these can negatively impact investor sentiment and XRP’s price.

However, cryptocurrency users value the transparency of blockchain technology, as although large, anonymous transactions sometimes breed concerns about market manipulation or hidden agendas, the perks of anonymity outweigh the disadvantages.

Read Also: 3.3T SHIB Withdrawn From Exchanges, As Selling Pressure on Shiba Inu Sees Drastic Reduction


SHIB’s Future

Regardless of the motivations behind this significant withdrawal, it serves as a reminder that anything can happen in the cryptocurrency market. The actions of major players, whether individual investors or exchanges, can have a tangible impact on token prices and overall market sentiment.

Whales have been accumulating SHIB for some time now, and this interest signifies growing interest in the meme coin. Only time will tell when SHIB’s climb will begin and how well it will perform.

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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