Coinbase moves 1.16 trillion SHIB as whale shuffle stirs speculation

More than 1.16 trillion Shiba Inu tokens shifted out of Coinbase-linked wallets in a series of large transfers on July 26, blockchain data show.

Arkham Intelligence flagged three large outflows from addresses tied to the exchange within minutes, though the tokens did not appear to hit open order books, according to blockchain trackers.

The transfers come as a net 74 billion SHIB has been withdrawn from centralized exchanges in recent days, a pattern often associated with holders moving tokens into self-custody. SHIB traded near $0.00000570 as of 14:00 UTC, little changed on the day, after a 36% rally over the weekend that added roughly $1 billion to its market value.

The moves raise questions about whale intent — whether the shuffle reflects internal wallet rebalancing, an over-the-counter deal, or preparation for distribution. Until demand materializes and price breaks above key moving averages, large token transfers remain more noise than signal for the $3.4 billion token.

Shiba Inu, an Ethereum-based meme token launched in August 2020, remains far below its 2021 all-time high. Daily trading volume stood at $380 million, its highest in months, with South Korean exchange Upbit accounting for more than a tenth of global volume through its SHIB/KRW pair. About $6 million in SHIB positions were liquidated during the weekend rally, with $5 million of that coming from short sellers, according to Coinglass data.

This article is for informational purposes only and does not constitute investment advice.