SHIB Whale Moves 925B to Coinbase as SHIB Price Consolidates

As top European crypto exchange shuffles nearly 1T SHIB, the gigantic move elicits questions on the motivation behind it.

by Tadas Klimasevskis. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: January 27, 2024 │ 12:35 AM GMT

Whale businessman coming into a blue technology chamber to deposit his coins with shiba inu. — *Created by Kornelija Poderskytė from DailyCoin*

Mysterious Whale shifts nearly 1T SHIB tokens to Coinbase Prime.
SHIB establishes a falling wedge pattern on the weekly price chart.
Whales accumulate SHIB as key on-chain signals remain bearish.

Shiba Inu (SHIB) has been known as a top choice among the largest crypto whales on the Ethereum network. As SHIB continues to battle the bears around the pivotal juncture of $0.000009, several huge whales have been spotted making gigantic transactions in the last 24 hours.

First, one whale transferred 924,999,921,598.371 SHIB coins to a wallet associated with Coinbase Prime Custody. Nearly one trillion in SHIB, the transfer weighted $8,352,749 at stamped transaction time, while the exact purpose of this transfer is yet to be determined.

Meanwhile, the cryptocurrency whale-watching agency WhaleAlert spotted another massive SHIB transaction in the mix, specifically a 766,478,691,679 SHIB transfer from Bitvavo to an unlabeled wallet address.

🚨 766,478,691,679 #SHIB (6,733,898 USD) transferred from #Bitvavo to unknown wallethttps://t.co/arIDkhRkhN
— Whale Alert (@whale_alert) January 25, 2024

Raising eyebrows among SHIB investors, this transaction equaled $6.9 million but wasn’t even the largest transaction by the Amsterdam-based crypto exchange in the last few days. On January 22, 2024, the popular Dutch crypto exchange shuffled another 4.27T, equivalent to a whopping $37.95 million.

SHIB’s Chances Of Breaking Ice with Falling Wedge Pattern

While Shiba Inu experienced a lackluster price movement in the monthly perspective, several signs of crypto bull return have emerged. As noted by crypto analyst and social influencer SHIB Knight, Shiba Inu’s weekly price movement started forming a falling wedge pattern.

$SHIB is forming falling wedge bullish pattern on weekly chart.

Whales bought heavily on 875 Golden Zone Support, so it could hold this level.

In a Bullish scenario, targets are from 896 to 1486. Send it #ShibArmy 🔥🚀 pic.twitter.com/y67fI0tEFL
— $SHIB KNIGHT (@army_shiba) January 24, 2024

Usually signaling a price trend reversal, the falling wedge pattern could reduce the zeros in Shiba Inu’s price if the bullish scenario occurs. The chart analyst further suggests that SHIB could run up to $0.00001486, a price range unseen since February 5, 2023. The analyst bases his prediction on the gigantic support line established at $0.00000875.

Portrayed in gold color in the graphic, this support level is crucial because of whales adding up to their bags. Affirmed by the 44.27 Relative Strength Index (RSI), pointing to a slight oversold condition, the latest SHIB whale movement hints at accumulation motives. The same pattern has been observed in Justin Sun’s 577B SHIB transfer in December, Robinhood’s constant Shiba Inu top-ups, and several other big names in the industry.

On the Flipside

Shiba Inu gained 2.5% on Friday to trade at $0.000009038, but the on-chain metrics have flashed an all-bearish position on four key on-chain signals, according to IntoTheBlock.
These include a slight drop in net network growth & concentration, while large transactions have dropped by 2.35% despite several colossal whale transfers.