Coinbase Shuffles Over 797 Billion Shiba Inu in 24 Hours

Shiba Inu (SHIB) tokens moved by U.S.-based exchange Coinbase have totaled a whopping 797 billion tokens over the past 24 hours, as SHIB struggles to retain $0.000009.

On-chain data, as highlighted by blockchain analytics firm Arkham Intelligence, confirms these massive inflows. Notably, the Arkham Intelligence dashboard for Shiba Inu reveals the largest SHIB inflow and outflows from whale addresses over a specified timeframe.

Coinbase Moves 797B Shiba Inu in 3 Txns

Per Etherscan, the whale movements began yesterday at 16:24 (UTC), when Coinbase transferred 307,878,842,976 (307.8 billion) SHIB valued at $2.8 million to a deposit address. Notably, this transaction was the first recorded for the sending address, which activated yesterday.

Four minutes after receiving the tokens, the Coinbase deposit address moved all the 307.8 billion SHIB tokens to another Coinbase wallet, tagged “Coinbase 10.”

This brought the total amount shuffled by the exchange to 615.7 billion SHIB across two transactions. The Coinbase 10 address also welcomed several inflows involving millions of SHIB, presumably from customer deposits.

Upon receiving the 307 billion tokens and the smaller deposits, the address began offloading the SHIB tokens to several addresses in batches of millions. 

Amid these outflows, which many believe went toward redeeming withdrawal requests, the Coinbase 10 wallet offloaded 182.24 billion SHIB worth $1.66 million to another new wallet. With this, Coinbase’s total SHIB movements surged to 797.94 billion tokens in three transactions.

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While unlabeled, the receiving wallet appears to have an affiliation with Coinbase, as the exchange has repeatedly deposited SHIB into it. Coinbase moved 14.6 billion SHIB to the address on Jan. 22 and 15.6 billion SHIB on Jan. 24. 

Possible Reason

The address only holds Shiba Inu, with a balance of 212.6 billion SHIB. Moreover, following the outflows, the Coinbase 10 wallet currently holds $2.93 million worth of SHIB.

Speculation on the purpose of the shuffles have emerged, with some market participants ascribing them to routine fund movements. 

Notably, investors typically move their assets into exchanges when there is an intent to sell them off. This trend often triggers panic across the market.

However, the CryptoQuant SHIB Exchange Netflow indicator confirms that exchanges have seen more SHIB outflows over the past seven days.

Meanwhile, Shiba Inu has continued to defend the $0.000009 threshold after recently reclaiming it. SHIB currently trades for $0.00000902, holding at a delicate position above $0.000009. CryptoQuant data suggests that its RSI and Stochastic are currently neutral.