In a remarkable development, an unknown crypto investor withdrew 5 trillion Shiba Inu (SHIB) tokens from Coinbase Institutional in a single transaction.
Whale Alert called the public’s attention to the transaction, which occurred on July 23, 2025, at 7:24 p.m. (UTC). According to Whale Alert, the dollar value of the 5 trillion Shiba Inu tokens was around $69.98 million.
Transaction Details
On-chain data showed that the funds were transferred from Coinbase Institutional, indicating that the address is associated with the institutional arm of the San Francisco-based exchange. It is worth noting that Coinbase Institutional is a platform where large, vetted clients trade and custody crypto assets, such as Shiba Inu.
The recipient address, “0x42a…Aefe4,” is relatively new and has no on-chain history apart from receiving the 5 trillion SHIB from Coinbase. All 5 trillion SHIB tokens remain in the wallet at press time.
For context, moving cryptocurrencies off an exchange to an on-chain address usually implies that the user does not intend to sell the tokens anytime soon.
This move reduces immediate selling pressures on Shiba Inu and bolsters investors’ confidence. While this transaction could be a bullish signal, it could also cause panic if the 5 trillion SHIB tokens moved back to an exchange.
Not New
Meanwhile, there have been multiple large transfers between unknown wallets and Coinbase Institution’s wallet in recent times. Last month, The Crypto Basic reported that an unknown whale shifted 2.85 trillion SHIB to Coinbase.
Additionally, an anonymous whale also transferred more than 6 trillion Shiba Inu tokens in two separate transactions between June 5 and 6, according to data from Whale Alert.
Shiba Inu Dips 11%, Drops to 20th Position
Meanwhile, the latest transaction coincided with a sharp decline in Shiba Inu’s price, which has dropped 11.02% over the past 24 hours to $0.00001343. Shiba Inu also dropped to the 20th position in the global crypto ranking following the bloodbath.
The drop aligns with a broader market downturn that has also impacted the prices of other leading crypto assets. For context, XRP and Dogecoin have also plunged 11.93% and 11.47%, respectively.
Yesterday, The Crypto Basic reported that the recent correction led to the liquidation of $507 million from the market within 24 hours. At press time, the liquidation recorded in the past day has increased to $781.32 million, with long positions incurring $672.19 million of these losses.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
