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Over the past two weeks, whale wallets tied to Coinbase have been shuffling enormous amounts of Shiba Inu ($SHIB), moving billions of tokens in a series of transfers that have almost completely emptied one address while filling another on the same exchange cluster to the equivalent of a multi-million-dollar balance.
This activity coincides with $SHIB's return above $0.000013, fueling speculation that the meme coin may be gearing up for its next pivotal price move after months of stagnation.
The first address started loading in late August, with withdrawals recorded in waves that included 28.39 billion $SHIB worth $357,560, another 38.19 billion tokens worth $482,570 and finally 102.59 billion $SHIB valued at $1.28 million. There were a few smaller outflows after that, but the trend stayed the same — Shiba Inu tokens slowly left until there was only $2.47 million left.
That final amount was sent out in a single transaction just 10 hours ago, reducing the balance of the wallet to almost zero and bringing to an end a stretch of more than $2.3 million in outflows.
Breakout watch
In the meantime, another Coinbase-linked wallet has been taking on tokens during the same period. Just four days ago, it added 67.3 billion $SHIB worth $817,000, followed by 35.8 billion $SHIB worth $444,820, and then a whopping 84.9 billion tokens worth $1.1 million in just one transfer.
These moves upped its holdings to 188.07 billion $SHIB in total, which is valued at $2.46 million at the current $SHIB price.
On the market side, $SHIB has started putting pressure on levels not tested since mid-August. After a decent recovery from the $0.000012 area, the price is tightening near $0.000013, with increasing volumes across the main pairs.
The chart shows that the price is ready to expand, and the timing of whale reallocations makes it likely that there will be a breakout attempt soon.
coinedition.com