A significant event occurred in the meme token market with a large Shiba Inu holder transferring 202.49 billion tokens to Coinbase, potentially affecting market movements.
Transfer of Large Amount of SHIB
A major holder of Shiba Inu associated with Coinbase recently transferred 202.49 billion tokens (approximately $2.64 million) to a Coinbase Prime hot wallet. This transfer was recorded about 18 hours ago and is the first movement for this address since it quietly completed its token purchases over two months ago.
Dynamics of Holder Actions
The wallet increased its position through a series of 15.42 billion SHIB deposits and a smaller 833.9 million SHIB top-up, bringing the total to just over 202 billion. Earlier this week, another large SHIB holder connected to Coinbase executed a similar transfer, gathering tokens over several weeks before sending them back to an exchange wallet in one move.
Market Impact of Token Transfers
While the tokens remain stationary, a transfer of this volume can create sell-side pressure, especially when multiple major holders take similar actions within a short timeframe. Following the recent transfer, SHIB has not fluctuated significantly, staying within the range of $0.00001299 to $0.00001303.
The transfer of such large volumes of tokens may signal a potential wave of selling, which is important for investors and market participants to consider. Analyzing the actions of SHIB holders can help in predicting further market behavior.
