Coinbase moves billions of Shiba Inu (SHIB) tokens to an unknown wallet

Coinbase exchange transferred 100.009 billion Shiba Inu (SHIB) tokens, worth over $2.37M, to an anonymous address within the past day. 

Massive token movements in the crypto market indicate various operational developments, including wallet reorganizations, institutional transactions, or liquidity control. 

The high-volume transfer comes as the memecoin displays resilience, remaining elevated despite broad market weakness. 

Also, on-chain indicators confirm surged activity for the meme token. IntoTheBlock data shows Shiba Inu recorded increased whale transactions.

Dog-themed cryptocurrency #Shiba Inu #SHIBUSD has led to a 268% increase in whale activity amid a price rebound.

The high transaction volume, which indicates whale activity, both buying and selling, has increased by 268.26% in the last 24 hours.
The volume of large transactions,… pic.twitter.com/UdcoKWGUYT

— Starting Investments (@startinginvest_) April 30, 2024

These insights remain vital in understanding investor behavior on SHIB and market dynamics. 

SHIB’s current price actions

Shiba Inu reflected bearishness with its price actions. It lost 4% and 18% in the past day and week to hover at $0.00002213 at press time. 

The general market downturn contributes to SHIB’s current bearish trend. Bitcoin (BTC) remains at the $60K vicinity following a 2.65% 24-hour price dip to $60,625.

Meanwhile, the massive token transfers present Shiba Inu’s ecosystem as active despite broad market faintness.

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