Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
An unknown major investor recently withdrew over 80 billion Shiba Inu (SHIB) tokens from the main American crypto exchange Coinbase. According to on-chain data from Arkham Secret ServiceThe previously empty wallet under the code “0xE0624” today began actively transferring SHIB tokens from Coinbase and managed to add $2.39 million worth of Shiba Inu to its holdings in 13 hours. In total, it was four transfers to accumulate a staggering 80.547 billion SHIB.
Related
Such withdrawals are seen as a bullish sign by crypto market participants, as it is believed that large investors purchased a huge amount of cryptocurrency and then withdrew it to more non-custodial and secure storage.
However, this move is not common for the popular meme-inspired cryptocurrency, at least at present. So, according to the on-chain exchange flow metric, there were more Shiba Inu tokens entering exchanges than exiting. The total net flow can be estimated at 1.224 trillion SHIB starting today.
Shiba Inu (SHIB): Price Outlook
Meanwhile, the price of the token itself reached a crucial support level at around $0.00003 per SHIB. The price of Shiba Inu token has been flirting with this important line in recent days, testing it with breakouts that have all been bought back by the most bullish investors.
In the most recent episode, SHIB price fell to $0.0000295 and then immediately jumped 3% over the next 18 minutes. This further confirms the bulls’ interest in buying the Shiba Inu token and strengthens the support level.
Related
If the new unknown whale removed SHIB from Coinbase due to the strong price outlook, the question remains open, but the fact is that at present, the performance of the Shiba Inu token leans more towards green than red.