Quick overview

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A sizable Shiba Inu (SHIB) holder transferred trillions of tokens from Coinbase to a private wallet, showing significant accumulation during the ongoing consolidation phase of the meme coin. As SHIB reported a weekly decline of 4% and was trading near short-term support levels, the transfer occurred.

Whale Alert, an on-chain monitoring service, reported 3 trillion SHIB tokens were transferred from Coinbase Prime to a self-custody wallet on Friday. The size and timing of this transaction, worth millions of dollars, attracted attention, especially since it occurred while SHIB’s price was under pressure.

More whale activity was observed on the same day. Blockchain data showed that through 13 separate transactions, wallet address “0xfd47” bought 193.59 billion SHIB from Coinbase. Twelve subsequent transactions, totaling 179.52 billion SHIB in batches of 14.96 billion each, followed the initial transfer, bringing in 14.063 billion SHIB from Coinbase’s hot wallet. As of now, this address holds no additional assets.

Volatility was evident in the intraday price fluctuations, as SHIB opened near $0.00001298, then dropped to $0.00001254 in the afternoon. Overnight, the token rebounded to just below $0.00001300, but by midday, it could not sustain its momentum.

Technical indicators show balanced momentum between buyers and sellers, with the Relative Strength Index (RSI) at 47.85. The signal line increased slightly to 48.71, indicating possible market indecision.