A Shiba Inu (SHIB) Whale Just Deposited All of Its Meme Coin Holdings to Coinbase

As became known thanks to on-chain data from Arkham Intelligence, an unknown Shib Inu (SHIB) whale deposited all its meme coin holdings

An unknown Shiba Inu (SHIB) whale has just deposited all of their meme coin holdings to Coinbase, according to on-chain data from Arkham Intelligence.

This was revealed in a recent tweet by the crypto intelligence service, which showed that a whopping 174.6 billion SHIB tokens, valued at approximately $2.53 million, were transferred to the hot wallet of the leading U.S. cryptocurrency exchange just 10 hours ago by the address "0x45492."

The true nature of this move remains a mystery, as does the identity of the large holder who accumulated these SHIB coins over the past two weeks, including from Coinbase itself.

This begs the question: could the wallet belong to Coinbase itself? It's a possibility that's being discussed in the cryptosphere.

However, despite the speculations, there's no definitive proof to confirm or deny any of these theories.

What's even more intriguing is that, prior to this transaction, the address had absolutely no transaction history. There was no slow buildup of funds or previous trades. Someone simply withdrew 175 billion SHIB from Coinbase, held it for two weeks, and then deposited it back with a loss of about $100,000.

Considering the recent events in the crypto market, and assuming this wallet does not belong to Coinbase, this could be seen as an attempt to cut losses on a poorly timed purchase.

A misjudged bet, quickly reversed, but not without a price. The recent market recovery might have provided a convenient exit and an opportunity to unload the holdings without a total loss.

A chance taken, or perhaps a lesson learned. The timing is strange either way. It's too perfect to be random, yet not smooth enough for a strategic move. Is it a trader in distress, or a liquidity test? Only time will truly tell.