Amid the sideways trend of the prominent meme coin Shiba Inu, a user has withdrawn trillions of SHIB from Coinbase, America’s largest crypto exchange.
Shiba Inu is down 4% in the past seven days, but for this user, this might just be a temporary corrective phase. His on-chain activities prove so, as data shows he accumulated Shiba Inu worth millions of dollars at a go.
Transaction Details
Whale Alert highlighted this transaction in a Friday tweet, one that would trigger bullish sentiments around the Shiba Inu ecosystem. Notably, the whale moved 3 trillion SHIB from Coinbase Prime to a self-custody wallet, indicating an accumulation.
Remarkably, this was the wallet’s first-ever transaction. The user created the new wallet “0x48a6” and withdrew the stash worth approximately $39 million from the centralized exchange.
The transaction happened on Friday at exactly 18:38 (UTC), according to Etherscan. Notably, the whale accumulated the 3 trillion SHIB at an average price of $0.00001299, a fair entry price considering the targets analysts are predicting that the token will reach soon.
Other Whales Accumulate Shiba Inu
Meanwhile, another wallet also received large amounts of Shiba Inu from Coinbase yesterday. Wallet address “0xfd47” gulped 193,599,000,000 SHIB ($2.51 million) from the exchange across 13 transactions on Friday.
It first received 14.063 billion SHIB ($179,520) from Coinbase’s Hot Wallet, then 179.520 billion SHIB, split over 12 transactions and sent in batches of 14.96 billion ($190,610). This was also the only asset that the address held at the time of writing.
Bullish Outlook for Shiba Inu Despite Bearish Trend
The accumulation comes as the price of Shiba Inu continues to hover around $0.0000129. The meme coin has failed to sustain a bullish trend, falling 19% from its recent high of $0.00001597 in July.
Nonetheless, bulls are betting on higher prices for Shiba Inu. For context, analyst Crypto Mullah has predicted that Shiba Inu would target a rally to a multi-month high of $0.00003343, citing an imminent breakout from a falling wedge.
Another outlook, specifically from Jake Gagain, predicts a $45 billion market cap target for Shiba Inu this year, culminating in a price of $0.00007636.
Moreover, Shiba Inu burn rates have spiked lately, further fueling the bullish sentiment. An unknown user incinerated 85.7 million SHIB earlier in the week, with the burn rate surging by 83,891%.