TL;DR:
- 2 trillion SHIB, valued at $18.76 million, were transferred from Coinbase’s hot wallet to a single address.
- The massive movement is interpreted as preparation for long-term rotation or accumulation, not an imminent sale.
- The market is monitoring levels at $0.00000860, $0.00000950, and the psychological barrier of $0.00001 for a bullish breakout.
An unusual movement was detected in the Shiba Inu (SHIB) market, involving a series of on-chain transactions documented by the firm Arkham. A total of 2,204,312,787,879 SHIB, valued at approximately $18.76 million, were withdrawn from Coinbase’s “0xA9D” hot wallet and consolidated into a single destination address.
The transaction was completed in six tranches, creating a cluster of exceptional size and nature. This behavior is associated with the actions of large holders or “whales” who choose to remove assets from the exchange before a significant change in market conditions is anticipated. The on-chain action suggests that these tokens are being secured for long-term holding or controlled rotation.
Implications of Accumulation and Key Levels to Watch
The significance of this massive withdrawal lies in the destination of the tokens. The receiving wallet is new and has no history of quick cash-outs, which reinforces the interpretation that the assets are being prepared for rapid rotation or extended holding rather than an imminent sale.
This event occurs while SHIB’s general balance on Coinbase has been decreasing so far in December, increasing investor expectations about the future price of the memecoin.
Despite the optimistic on-chain action, Shiba Inu’s price remains stuck around $0.00000852, a level that has been tested multiple times by the market without a decisive break. However, bearish attempts to push the price lower have repeatedly stalled, demonstrating a notable capacity for stabilization within the range.
The current dynamic establishes clean technical levels that traders should monitor. The $0.00000860 level is crucial; maintaining it intact is necessary to preserve the chart’s ascending structure.
The first real resistance and serious target are set at $0.00000950. However, the point that would indicate a massive and consolidated change in sentiment for Shiba Inu is the psychological barrier of $0.00001.
In summary, the recent action by whales, by performing this unusual movement, reinforces the thesis that a solid base is being built for an eventual breakout. Monitoring the price fluctuation in this context will be paramount to confirming the potential bullish rally.
