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A colossal Shiba Inu whale has withdrawn 220 billion SHIB from Coinbase Prime, sparking a 2% price surge to $0.0000137 and stirring significant market excitement.
Shiba Inu Sees Roller Coaster Price Action
At the beginning of this week, the famous cryptocurrency Shiba Inu, which is inspired by memes, experienced a significant increase in the volume of major transactions, which amounted to 9 trillion SHIB.
The Shiba Inu token saw a period of price action that was defined by a roller coaster, with its quotes initially falling by about thirty percent and then skyrocketing even higher.
Whale Withdraws 220 Billion SHIB
Per U.Today, a whale that had not been seen before grabbed attention, which prolonged the action that was taking place among large holders. It can be concluded that the address "0x4B5" has successfully withdrawn around 220 billion SHIB, which is equivalent to $3.04 million.
The consolidation was carried out in two stages, with the majority of the tokens arriving 22 hours ago and the remaining tokens, particularly 3.55 billion SHIB, arriving seven hours after the initial batch.
As a consequence of this, the unidentified organization has already realized a profit of $114,370 on their investment in Shiba Inu (SHIB). In addition, Arkham Intelligence reports that the tokens were initially removed from Coinbase Prime Custody, which indicates that the anonymous buyer is supported by a financial institution or an investor who meets certain criteria.
At the same time, the price of the popular cryptocurrency that was inspired by memes continues to skyrocket, reaching $0.0000137 at the time of this writing, representing a 2% increase.
SHIB Price Reaches $0.000011 at Market Low
The price of SHIB reached $0.000011 at the very bottom of the recent market shakeup, which means that we have experienced a 29% gain in just over three days. With that being said, this is in addition to the fact that Shiba Inu is already an asset worth multiple billions of dollars.
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