A mystery wallet recently withdrew 111,518,676,500 Shiba Inu (SHIB) tokens from Coinbase, a major U.S. cryptocurrency exchange. This transfer, valued at approximately $1.33 million, occurred alongside a previous withdrawal of $1.1 million worth of SHIB just three days earlier.
The same sender and recipient wallet now hold 207.5 billion SHIB, worth nearly $2.5 million, with no signs of immediate resale or movement. The identity behind the wallet remains unknown, raising questions about the motivation for accumulating such a large amount of the meme cryptocurrency.
The timing coincides with SHIB prices hovering just above a significant demand zone not seen since late 2022, a level that often attracts substantial investment interest. Given that the coins originated from Coinbase’s hot wallet, analysts suggest the transfer likely went through an over-the-counter (OTC) channel or an institutional pipeline, rather than a retail trader.
This pattern suggests the buyer may anticipate upcoming market shifts or have insights not yet apparent to the broader community. Although SHIB has been relatively quiet compared to newer crypto trends, such large acquisitions typically draw renewed attention.
Whether this marks the beginning of renewed SHIB market activity or is the accumulation by a “ghost whale” for the long term remains uncertain. What is clear is that a significant amount of SHIB has left Coinbase, indicating serious interest behind the scenes.