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A fresh on-chain move has brought attention back to the Shiba Inu meme coin, after an anonymous address withdrew more than $1.29 million worth of $SHIB from Coinbase. Of course, people are wondering where this much liquidity is heading next.
The wallet that received it, labeled "0x18C5," now has 103.15 billion $SHIB in it, which is about $1,291,478 or 304 ETH.
It did not all happen right away. First, 67.30 billion $SHIB worth roughly $817,000 came in three days ago, then another 35.84 billion $SHIB valued at $445,000 came in 16 hours ago. The two steps together boosted the account balance from just under $900,000 to over $1.29 million in just 72 hours.
If one breaks the withdrawal into two stages, it does not seem like a random move but more like a planned move — whether that is into private storage, cold custody or a layered setup that keeps exchange exposure minimal.
What's price of Shiba Inu ($SHIB) coin?
The $SHIB price, meanwhile, is steady at around $0.00001270, with a 1.7% increase from yesterday, and it is still holding strong above its "summer base" of $0.00000923. The chart is still in a sideways drift, but major withdrawals like this suggest that the big players are happy to build positions in a low-key way rather than waiting for a breakout to chase higher entries.
That has been a significant part of why $SHIB has been trading the way it has recently — it is calm on the surface, but there are major sums moving behind the scenes.
coinedition.com