Unknown Whale Withdraws Over 80 Billion Shiba Inu (SHIB) Tokens From Coinbase

Such withdrawals are seen as a bullish sign by crypto market participants, as it is believed that large investors bought a huge amount of cryptocurrency

A mysterious major investor has withdrawn an incredible amount of Shiba Inu (SHIB) tokens from the popular U.S. crypto exchange Coinbase. According to on-chain data from Arkham Intelligence, a previously empty wallet (code: "0xE0624") began actively transferring SHIB tokens from Coinbase on Friday, quickly accumulating $2.39 million worth of Shiba Inu in just 13 hours. In total, the wallet made four transfers, adding a staggering 80.547 billion SHIB to its holdings.

Such large withdrawals are usually interpreted by crypto market participants as a bullish sign, indicating that a large investor might have purchased a huge amount of cryptocurrency and then moved it to a more noncustodial and secure storage.

However, this move is uncommon for the popular meme-inspired cryptocurrency, at least as of today. According to the on-chain exchange flow metric, more Shiba Inu tokens flowed into exchanges than out. The total net flow can be estimated at 1.224 trillion SHIB as of today.

Meanwhile, the price of the token itself reached a crucial support level at around $0.00003 per SHIB. The price of the Shiba Inu token has hovered around this important line for several days, with its breakouts being quickly bought back by bullish investors.

In the latest episode, the price of SHIB dropped to $0.0000295 and then rose by 3% in the next 18 minutes. This once again confirms the interest of bulls in buying the Shiba Inu token at this level, making the support stronger.

It is unclear whether the strong price outlook prompted the unknown new whale to withdraw SHIB from Coinbase, but the fact remains that the Shiba Inu token is performing more positively than negatively at the moment.