Coinbase Whale Moves SHIB in the Billions on Market Drawdown

As sentiment remains cautious, this week’s market retreat serves a chance for new whales to burst out of the waters.

Huge whale coming out of Shiba Inu with a net of coins.
Created by Kornelija Poderskytė from DailyCoin
  • Top altcoins go through a double-digit pullback amid Bitcoin’s $62K retreat.
  • New whale creates seven wallets to hold Shiba Inu as several others take profits.
  • SHIB retraces 40% from the $0.000044 monthly peak as correction persists.

As the market-wide crypto drawdown kicked in, the crypto bears took a bite of Shiba Inu’s (SHIB) price, resulting in a 7% downturn. While this SHIB price plunge can be ascribed to Bitcoin’s (BTC) sharp drop to $63,000, SHIB’s journey to retest $0.000025 comes amid rising activity in the Spot markets.

Fresh Whale Creates 7 Wallets for SHIB’s Custody

Despite pending sells still outweighing the bids, the distance is shorter due to a 26% increase in pending buys, now encircling over $40 million, according to CoinPaprika. While the sales are at $53 million, some crypto whales take this market indecision as a turning point to accumulate SHIB.

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For instance, one whale has been spotted withdrawing SHIB funds from Coinbase to seven newly-created crypto wallets at midnight on March 18, 2024. This crypto whale sent 71.55B coins exactly seven times, now totaling 500.88B, worth $14.35M at stamped transaction time.

In a plot twist, two associated wallets indicate that the crypto whale had transferred 71,555,070,571 of SHIB back to ‘Coinbase 10’ the next day, likely to be sold off in the popular American crypto exchange. Usually, crypto whales hold cryptocurrencies in separate wallets due to arguably better security, dramatically reducing the risk of an all-around asset hack.

Are Top Whales Taking Profits or Accumulating?

Meanwhile, another crypto whale deposited 1.24 trillion SHIB tokens to Binance and Gate.io after accumulating for weeks, starting from as low as $0.000009, according to SpotOnChain. Given that this whale sold the 1.24T on centralized exchanges (CEXs), they would have banked a $23.5M gross profit.

Earlier, Maker DAO’s co-founder Rune Christensen bought 25B of Shiba Inu tokens between March 1 – 4 before the parabolic 289% run seriously took off. Selling 8B of the SHIB stash for $245.5K after the aforementioned surge, Rune still holds $11,816,501 worth of SHIB coins, according to EtherScan blockchain explorer.

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Ultimately, the recent crypto whale moves hint at accumulation with a healthy profit-taking strategy. Shiba Inu is exchanging hands at $0.00002507 at publication time, witnessing a 7.5% downturn over the past 24 hours.

This sums up the weekly market correction to 21%, while the bears have also taken the steering wheel in Derivatives markets, resulting in nearly $4 million in SHIB’s long position liquidations. Retracing 40.7% from the Spring rally’s peak over the past two weeks, SHIB’s price trend heavily depends on Bitcoin’s performance due to high price correlation.

On the Flipside

  • Overall, SHIB whale activity has calmed down by 3% over the past 24-hour timeframe, according to on-chain data from IntoTheBlock.
  • Shiba Inu’s burning rate also fell considerably, dropping by 77%, with $44.9 million of SHIB tokens set ablaze by the community.

Why This Matters

Shiba Inu was one of the best-performing altcoins in Q1 of 2024, approaching crypto’s TOP 10 by global market capitalization.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.