An unknown cryptocurrency whale recently made headlines by withdrawing a large amount of Shiba Inu (SHIB) tokens from Coinbase, the largest cryptocurrency exchange in the U.S. Data from Arkham Intelligence revealed that the whale took 12.7 billion SHIB tokens from the platform. This amounts to around $220,000, which, by itself, is not an unusual transaction.
Previous Large Withdrawals Add Intrigue
The interesting aspect lies in the on-chain history of the wallet, identified by the address “0x0907A.” Prior to this latest withdrawal, the wallet already held a considerable amount of Shiba Inu tokens.
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After this most recent transaction, the balance in the wallet now equals 135.45 billion SHIB, worth approximately $2.38 million. Further investigation shows that this whale has been withdrawing large amounts of SHIB from
Source: Arkham Intelligence
Coinbase over the past two days. The 12.7 billion SHIB withdrawal wasn’t the only significant transaction during this period. Within the same 24-hour window, the whale also withdrew 69.63 billion SHIB, worth about $1.22 million, bringing the total amount withdrawn to over $2.2 million.
Possible Reasons for the Whale’s Move
There are a few theories about why this whale is moving such a large quantity of SHIB off Coinbase. One possibility is that the wallet belongs to the exchange itself, and the transfers are part of routine operations to clean out its hot wallets.
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If this is the case, the movements are purely operational and hold no deeper market significance. Alternatively, the whale could be bullish on SHIB.
Some market participants view such large-scale withdrawals as a positive sign for the token’s price, as moving tokens off exchanges often signals long-term holding intentions. This has led to speculation that the whale expects SHIB’s price to rise in the near future.
