A shiba Inu dog surrounded by crypto coins
Mysterious whale offloads 85 billion SHIB from Coinbase; What’s happening?
A mysterious whale has withdrawn 85 billion Shiba Inu (SHIB) tokens from Coinbase in an unusually massive transaction.
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The transaction which occurred 14 February was reported by on-chain analytics company Arkham Intelligence, which said it came from a fresh wallet not used before now.
This is one of such unusual whale activities that have been witnessed with Shiba Inu recently, raising questions about what may be happening.
What this could mean
The transaction happened with a SHIB wallet with an address beginning with “0xB768”, and it instantly topped the list of addresses holding SHIB because of the large withdrawal.
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A major concern is that the owner of the wallet is unknown, which leaves many possibilities open as explanations for the massive withdrawal.
One of such explanations is that Coinbase could simply be moving SHIB around in its own wallets. In this case, there will be nothing to be excited about since it’s just an exchange’s routine asset management.
The second explanation which is also one that most people hope for, is that the transaction is a whale activity indicating accumulation of SHIB.
In this case, SHIB holders may have something to look forward to, as such withdrawals suggest whales’ confidence in the future of the asset, hence a potential price pump could be on the
table.
Friendlier regulations could favor whales
It isn’t unlikely that the whale activities around SHIB could be inspired by the changing regulatory climate around crypto in the U.S.
Because of the positivity building up around the industry, it is expected that whales will come in as regulations create a safer space.
The Trump administration has been engaging with crypto industry leaders and working on ways to attain regulatory clarity for the industry.
The president himself has declared intentions to create a Bitcoin strategic reserve, which will naturally attract more investors.
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