Cryptocurrency News

Big Unknown Investor Accumulates $500B SHIBs From Coinbase

More than $14 million worth of SHIB was withdrawn by an unknown entity from the popular cryptocurrency exchange Coinbase as Shiba Inu continues to grab the attention of investors worldwide. 

A whopping 478 billion SHIB tokens had taken the world by storm on the Shiba Inu network after its dramatic entry into the popular crypto exchange Coinbase in 2023. 

In the last 24 hours, the Shiba Inu price increased by a double-digit percentage, rising to 26% at some point. The price increase signals a robust buying interest among investors, corroborated by on-chain data. 

Seven new wallets were created by a SHIB whale to accumulate the SHIB assets uncovered by on-chain Nerd. The entity withdrew around 71.55 billion SHIB tokens worth $2.05 million from the Coinbase platform and transferred them to each newly created wallet. The total value stood at 500.85 billion SHIB tokens worth $14.35 million. 

This is not the first time multiple wallets have been used since many cryptocurrency investors create various wallets to minimize the risks of security breaches. 

Additionally, although there is a chance that the whale mentioned above may have bought the SHIB tokens in the past and withdrew them now, the recent bearish act around Shiba Inu indicates that the wallet address may have capitalized on this downtrend to obtain a suitable position in the Shiba Inu ecosystem. 

If the unknown entity holds on to the SHIB tokens until the crypto re-claims its high levels, the value of Shiba Inu will surge by more than three times. If that happens, the 500.85 billion Shiba Inu tokens will be worth $44.3 billion. 

Apart from the existing SHIB’s price action, the current whale action has caught the attention of many due to several reasons. Firstly, it contrasts the whale movements made in March when some tokens were moved to cash out on the cryptocurrency.

The Crypto Basic also reported that the whale transferred Shiba Inu worth $10 million to Wintermute during a potential movement of selloff. Following these movements, the new accumulation stage by high-profile investors indicates that the cryptocurrency might be aligning for price growth in the future. Several predictions made by analysts have also tipped SHIB to regain the previous ATH, an easy target that can be realized if additional whales chip into SHIB tokens. Meanwhile, Shiba Inu’s SHIB tokens remain 67% off its ATH, currently trading at $0.00002505 at the time of writing.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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