In a significant turn of events within the cryptocurrency realm, Whale Alert’s recent report unveiled a whopping movement of 4.24 trillion SHIB tokens, totaling a staggering $44.64 million, from one concealed wallet to another. The intriguing details extracted from on-chain data have wagged tongues, hinting at compelling developments.
According to Etherscan, the recipient wallet emerges as a pristine address devoid of transactional history. In contrast, while the sender’s wallet appears relatively fresh, it has recently been actively engaged in substantial Shiba Inu token transfers. One of its transactional counterparts has a tie-in with Coinbase Prime Custody, a platform renowned for its trading, custody, and prime services for clients.
Source: Etherscan
Shiba Inu’s Cryptic Affiliation
The timing of these substantial transfers has ignited speculation regarding potential connections between these undisclosed addresses and Coinbase, especially given the ongoing buzz surrounding the imminent decision on Bitcoin ETFs. The anticipation of Coinbase’s pivotal role in the potential turnover of Bitcoin ETFs lends credibility to this emerging theory.
Adding to the enigma, the involved address aligns with Coinbase’s Prime division, primarily tailored for institutional investors. This revelation interweaves seamlessly with the overarching narrative around the impending decision on Bitcoin ETFs, spotlighting Coinbase’s strategic positioning and discerning moves within the industry.
Shiba Inu (SHIB) is trading at $0.00001054, reflecting a 0.60% increase within 24 hours and a 3.30% decrease over the past 7 days. Analyzing the daily chart, SHIB’s rate remains distanced from its critical levels. To reassert dominance, buyers must propel the price back into the vital zone around $0.000011, failing which traders might anticipate a test of support at $0.000010.
Source: TradingView
As 2023 approaches its conclusion, Shiba Inu unexpectedly becomes entangled in one of the most riveting narratives of the year. Its involvement in the crucial Bitcoin ETF decision and the cryptic yet strategic moves by Coinbase weave a complex, captivating storyline, underscoring the intrigue and significance of these developments in the dynamic world of cryptocurrencies.