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
2 years ago

Other news
Buterin Discusses Ethereum's Progress and Concerns

Vitalik Buterin discussed Ethereum's scaling advancements and emphasized the need for applications that provide real social value during a recent interview in China.

Global Reactions to Russia's Cryptocurrency Regulation Proposal

The proposed bill has sparked mixed reactions globally, with some welcoming the clarity that formal regulation brings, hoping it will legitimize the sector and attract institutional investment. Others criticize the purchase cap as overly paternalistic, arguing it stifles financial freedom and technological adoption.

Active Management Gains Traction in ETF Market

The investment landscape has shifted towards active management, particularly through ETFs, as volatility and sector dispersion increase.

New Strategies for Evaluating Active ETFs Unveiled

A report introduces six methodologies for identifying top-performing active ETFs, focusing on structural and managerial characteristics.

Compass Mining Launches New Bitcoin Mining Facility in Texas

Compass Mining has launched a new 10 MW Bitcoin mining facility named Texas 8 near Odessa, Texas, designed to host around 3,000 customer miners.

Altcoins Attempt Recovery Amid Market Challenges

Several major altcoins are trying to recover but are expected to face selling pressure at higher levels.

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