The recent sizeable transfer of 139.88 billion SHIB tokens worth $2.42 million from Coinbase to an undisclosed address has sparked curiosity and speculation within the cryptocurrency community. According to data from Arkham, this notable transaction involved the address '0xA606,' which lacked any previous transaction history. Split into two periods, the withdrawal consisted of an initial transfer of 116.623 billion SHIB tokens followed by an additional 23.26 billion SHIB tokens. This surprise move coincided with a period of decreased trading activity surrounding Shiba Inu, which has witnessed a significant price decline over the past few months. The value of SHIB plummeted by 62% from $0.000045 to $0.000017 after experiencing a sharp 400% drop in February. Consequently, interest in this meme cryptocurrency has waned. The significance of this withdrawal lies in its timing, indicating a strategic accumulation tactic amid low market enthusiasm. Such significant movements often precede planned market activities, giving rise to speculations regarding potential future trends in SHIB's valuation. The attention has now shifted to the price chart of Shiba Inu, as large unknown entities discreetly amass wealth in SHIB while the token remains relatively unnoticed. Observers await clues from the price movements of this popular meme cryptocurrency to gauge its upcoming trajectory.
The Future Outlook for SHIB

by Giorgi Kostiuk
a year ago

Other news
Jack Dorsey Expands Bitcoin Payment Options for Square Merchants

Jack Dorsey announced a significant integration of Bitcoin payment options for over 4 million Square merchants, allowing transactions in both BTC and fiat currency.

Shiba Inu Burn Rate Increases, Signaling Renewed Interest

Shiba Inu's burn activity has surged, indicating a potential price upside and increased community engagement.

Concerns Raised Over Bitcoin Price Trajectory

Concerns raised by Mike McGlone about Bitcoin's price trajectory, suggesting a potential reversion to around 50,000 due to its correlation with the SP 500.

MicroStrategy Target Set at 630 Amidst Bitcoin Optimism

BTIG maintains a buy rating on MicroStrategy with a price target set at 630, amidst optimism surrounding Bitcoin.

Corporation Implements Operational Changes for Sustainability

The corporation plans to revise its operational processes to reduce carbon emissions and energy use as part of its new sustainability strategy.

Global Corporation Shifts to Sustainable Practices

A major international corporation announces a strategic shift towards sustainability, focusing on advanced analytics to reduce waste and improve resource use.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter