Blockchain analytics firm Arkham Intelligence has highlighted significant on-chain activity involving the Shiba Inu (SHIB) token, with Coinbase moving a total of 797 billion SHIB within a 24-hour period. This large-scale transfer has drawn market attention as SHIB struggles to maintain its position above the $0.000009 price level.
Details of the SHIB Transfers
The movement of tokens began when Coinbase transferred 307.8 billion SHIB, worth approximately $2.8 million, to a deposit address. Just four minutes after receiving the tokens, the same deposit address forwarded all 307.8 billion SHIB to another internal wallet labeled “Coinbase 10.”
This brought the total amount moved by the exchange in these two transactions to over 615 billion SHIB. The “Coinbase 10” address also received several other inflows amounting to millions of SHIB, likely originating from customer deposits.
After accumulating these tokens, the address began distributing SHIB in batches to multiple external wallets, each transfer involving millions of tokens. Among these outflows, one notable transaction involved the transfer of 182.24 billion SHIB, valued at around $1.66 million, to a new wallet.
Although the receiving wallet is not officially labeled, it appears to be associated with Coinbase based on historical deposit patterns. The same wallet had previously received SHIB transfers from Coinbase on January 22 and January 24.
Possible Reasons Behind the Large Transfers
Speculation about the purpose of these transfers is widespread. Some market participants attribute the movement to routine fund management operations or internal wallet reorganization.
It is worth noting that large transfers to exchange-hosted wallets often signal potential selling activity, which can lead to increased market volatility and investor anxiety.
However, data from CryptoQuant’s SHIB Exchange Netflow indicator shows that outflows from exchanges have generally exceeded inflows over the past week, suggesting that selling pressure may not be the only factor at play.
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Market Response and SHIB Price Action
Despite the substantial token movements, Shiba Inu has managed to defend the $0.000009 support level after recently reclaiming it. At the time of reporting, SHIB is trading at approximately $0.00000902.
Technical indicators, including the Relative Strength Index (RSI) and Stochastic Oscillator, are currently in neutral territory, indicating a balance between buying and selling pressure.
The SHIB community and broader market observers continue to monitor exchange flows and large-wallet activity for signals regarding future price direction.
Frequently Asked Questions
What does it mean when an exchange moves large amounts of cryptocurrency?
Large movements often indicate internal reorganizations, cold wallet storage procedures, or preparation for liquidity events. They do not always imply impending selling pressure.
How can I track large cryptocurrency transfers?
You can use blockchain analytics platforms like Arkham Intelligence or CryptoQuant, which provide real-time data on whale movements and exchange flows.
Did the Coinbase SHIB transfers affect the price?
While SHIB price saw some volatility, it has held key support levels. Large transfers can cause short-term fluctuations but do not always lead to long-term trends.
What is exchange net flow?
Exchange net flow measures the difference between the amount of a cryptocurrency moving into and out of exchange wallets. A negative net flow suggests more tokens are leaving exchanges, which can indicate holding behavior.
Are large transfers always conducted by exchanges?
Not always. Large transfers can also be carried out by institutional investors, whales, or decentralized finance (DeFi) protocols. Context and labeling help identify the source.
How do technical indicators like RSI help understand market conditions?
The Relative Strength Index (RSI) helps identify overbought or oversold conditions. A neutral RSI suggests a balanced market without extreme buying or selling pressure.