Whale Moves 100,000,000,000 Shiba Inu to Coinbase, Eyes Loss

100 billion SHIB has moved to Coinbase from wallet 0x462, valued at $2.24 million, attracting analyst attention.

Recently, a SHIB whale, identified by the wallet address 0x462, made significant trades involving SHIB. According to on-chain data analyst The Data Nerd, the whale deposited 100 billion SHIB, approximately valued at $2.24 million, into a Coinbase account. 

7 hours ago, a whale 0x462 just deposited 100B $SHIB (~$2.24M) to #Coinbase.

Within a week, he accumulated those tokens with avg entry $0.00002408.
If sold at current price, he will have a small loss ~$178k.

His address:https://t.co/NrkJwBbVb1 pic.twitter.com/cAJ7FZdRXg

— The Data Nerd (@OnchainDataNerd) May 13, 2024

This move is part of a broader pattern of large-scale transactions that have occurred within the past week. The Data Nerd’s analysis indicates that the whale accumulated SHIB at an average price of $0.00002408 each and stands to incur a loss of around $178,000 if the tokens are sold at the current price of $0.00002324.

This transaction is just one part of a larger narrative involving SHIB’s liquidity and price stability. Over the last seven days, SHIB has experienced a 6.19% decline in value, underperforming in the context of the broader cryptocurrency market’s 2.60% decline and compared unfavorably to other cryptos within the Ethereum ecosystem, which have seen an average increase of 12.70%.

Exchange Inflows and Outflows

Recent activities have gone beyond this single transaction. Data provided by Arkham Intelligence highlights other significant inflows and outflows of SHIB across various exchanges. For instance, the Binance and Upbit exchanges have reported massive inflows into their hot wallets, with values exceeding hundreds of billions of SHIB.

The transfer of 100 billion SHIB into Coinbase has notably been identified as the seventh largest among the largest SHIB inflows in the past 24 hours. Particularly, the graph of on-chain exchange flow for SHIB shows a varied pattern throughout the day, with a notable spike in inflows and prolonged outflows continuing.

Other Notable Transactions

The activity of SHIB whales extends beyond the wallet address 0x462. For example, on May 10, other whale addresses moved 705.9 billion SHIB, worth over $16.5 million, away from cryptocurrency exchange platforms, suggesting a strategic shift in holdings. Additionally, on May 2, an anonymous wallet withdrew 1.75 trillion SHIB from the Robinhood exchange, indicative of a continuing accumulation trend amid fluctuating prices.

This flurry of transactions and the corresponding market movements show the influence of whale activities on the liquidity and price stability of SHIB. Notably, SHIB has a current market cap of approximately $13.7 billion and a daily trading volume nearing $400 million.