- Top American crypto exchange Coinbase makes $7.32M worth of SHIB transfers.
- Shiba Inu (SHIB) price edges closer to $0.00001 after a three-week hiatus.
- According to trading data, SHIB custodians on Coinbase typically hold SHIB for 242 days.
The largest American crypto exchange, Coinbase, was caught on-chain making huge moves involving the popular canine coin Shiba Inu (SHIB). The transfer of 307,878,842,976 SHIB tokens to a depository address equaled $2.82 million but was soon moved to another cryptocurrency wallet address.
According to the latest data by blockchain intelligence company Arkham Intelligence, a crypto wallet labeled ‘Coinbase 10’ is the final beneficiary of the gargantuan on-chain transfer. Soon after this move, the ‘Coinbase 10’ wallet, presumably aligning with customer requests, shifted another 182.240 billion SHIB, worth $1.68 million, to a freshly created crypto wallet.
Likely Motives Behind Coinbase’s 800B SHIB Shuffle
Known for having a more strict stance towards memecurrencies, Coinbase customers have favoured Shiba Inu as a long-term investment. With an estimated average holding time of 242 days, SHIB makes it to the TOP 20 list by popularity, typically garnering over $100 million in daily trading volume.
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SHIB transactions by Coinbase’s executive team could imply a rising demand for SHIB trading, as the aforementioned wallets saw numerous SHIB inflows in the past few weeks and now have SHIB as the largest altcoin asset besides ETH.
Besides the $3,714,701.55 worth of SHIB held in the ‘Coinbase 10’ wallet, the other cryptos stashed in large amounts are $10.55M worth of Ethereum (ETH) besides USDT and USDC, the most popular stablecoins used for crypto trading.
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Meanwhile, Shiba Inu (SHIB) edges closer to the $0.00001 mark. Unseen since January 12, 2024, this key support level could completely shift investors’ sentiment, as only 29% of holders profit at this price, according to IntoTheBlock.
At press time, SHIB is changing hands at $0.00000921 with a 2.57% daily upswing, according to CoinGecko. $143 million was added to SHIB’s global market cap in the last 24 hours, as the canine coin remains a favorite among the largest whales on Ethereum.
On The Flipside
- SHIB is still down 12.5% in the last 30 days despite an increased price correlation of 0.68 with Bitcoin (BTC).
- Centralized crypto exchanges have seen more outflows than inflows since last week, according to data by CryptoQuant.
Why This Matters
Large moves by cryptocurrency exchanges imply a rising demand for cryptocurrency. Besides Coinbase, Binance, Crypto.com, and Robinhood are known to have a large portion of reserves in SHIB.
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