The Shiba Inu has taken a significant turn in its market run over the last month. It first made a major effort to regain the $0.00001 zone on February 15. However, this effort met with short-lived success and the momentum came to a halt after retesting the $0.00001 level. Yesterday, it faced a correction to $0.00000930 amid a broader pullback in the market.
While this decline triggered widespread panic, some investors turned to an elaborate dip-buying campaign to increase their assets. The most notable example of this was the 323 billion Shiba Inu (SHIB) purchase shared by analysis platform Arkham Intelligence. This buying move shows the potential of the Shiba Inu and that there is still strong interest in the market.
It is noteworthy that the address behind the movement is new; The SHIB acquisition was identified as the first transaction. Data from Etherscan confirmed that the wallet stockpiled exactly 323,478,691,679 (323.48 billion) Shiba Inus at 18:14 (UTC) yesterday.
The assets were valued at $3,053 million at the time of acquisition. Shiba Inu is currently trading at $0.00000962. Amid this price increase, 323.48 billion tokens are now worth $3.11 million, marking a $58,000 increase in the whale’s assets.
Coinbase Link for SHIB Purchase
Interestingly, the new whale address only houses Shiba Inu. However, it seems very difficult to obtain clear information about the real reason behind this situation and the owner of the address. Arkham Intelligence claims that this new whale address may be connected to Coinbase, the largest cryptocurrency exchange in the USA.
According to data provided by Arkham Intelligence, the sending wallet address is associated with the Coinbase Prime Custody address. This suggests that the transaction may be one of Coinbase’s own fund movements. However, we are faced with a situation that becomes more complicated as we get deeper into the situation. In particular, the claim that the recipient wallet may actually be another Coinbase wallet is voiced by some market participants.
However, it is not currently possible to access all the facts. Because the available information is limited and there is no clear explanation as to the reason for the transaction. Therefore, this mysterious event revolving around the Shiba Inu’s new whale address seems to be a reflection of the uncertainties in the cryptocurrency markets. However, market participants and analysts continue to monitor the situation closely and are hopeful that future developments will shed light.
It is worth noting that most of these transfers occurred during the period when the Shiba Inu price was trying to reclaim or maintain the $0.00001 zone.
You can follow the current price movement here.
Source : the crypto basic