As is known thanks to Arkham’s data, over $1.6 million Shiba Inu (Shib) tokens were transferred from Coinbase hot wallets to an unknown address earlier today.
Total of 106,274,356,242.89 Shiv Tokens – worth around $1.6 million at today’s price – a hot wallet for popular crypto exchanges remains and routed to an unknown address. The receiving wallet, 0xF9F08451, is not linked to a major exchange or known service, so its purpose is unknown.
This transaction occurred about 8 hours ago and the destination wallet does not touch on the perfect balance. No other tokens are held there and no follow-up activity has been carried out so far.
What stands out is that this transfer goes against the general on-chain trends of last week. Data shows that more SHIBs are flowing into exchanges, not recently, not recently.
The chain exchange flow chart shows the increase in net inflow since May 10th, and there is a green bar to reflect this. This suggests that some holders may be preparing for future sales opportunities. Unlike that trend, this large Coinbase outflow potentially indicates a different kind of strategy or intention.
At the time of transfer, Shiv’s price was around $0.00001504, a slight drop in the day, but it still surpassed the support zone after a short-term meeting earlier this month.
So far, the market has actually not been much of a response to relocation.
Because the identity of the inbound wallet is unknown, these types of large transactions, including well-known platforms like Coinbase, tend to attract attention.
Whatever this transaction is – moves to private custody, cold wallet shifts, etc. – especially since most shivs are heading in the opposite direction this week.