Shiba Inu’s $44.64M Transfer Token Coinbase Speculation

Shiba Inu (SHIB) token transfer is a significant move in the cryptocurrency landscape. Another major development in the world of cryptocurrency is also making news worldwide, as posted by Whale Alert regarding a massive transfer of 4.24 trillion SHIB tokens amounting to $44.64 million from an unknown wallet to another hidden wallet. The details drawn using on-chain data and transactions have caused most people to start talking about what this would mean.

🚨 🚨 4,241,619,279,051 #SHIB (44,642,300 USD) transferred from unknown wallet to unknown wallethttps://t.co/y7BWpgGgCi

— Whale Alert (@whale_alert) December 30, 2023

According to Etherscan, the recipient wallet is a new address with no transaction history. On the other hand, though the sender’s wallet also looks relatively new and fresh, it has recently been very active for huge transfers of Shiba Inu tokens. One of its other transactional partners deals with Coinbase Prime Custody, a platform reputed for carrying out trading, custody, and prime services on behalf of clients.

Shiba Inu’s Cryptic Connections

The substantial transfers’ timing has sparked speculation about potential connections between undisclosed addresses and Coinbase. Ongoing excitement surrounding the imminent decision on Bitcoin ETFs is fueling speculation. The expectation that Coinbase will handle the handover of Bitcoin ETFs further adds to the fuel of this emerging theory.

Furthermore, adding to the enigma is the involved address aligning with Coinbase’s Prime division, primarily tailored towards institutional investors. This revelation interweaves harmoniously within the overarching narrative around the impending decision on Bitcoin ETFs, spotlighting Coinbase’s strategic positioning and discerned moves amidst the gamut.

Shiba Inu (SHIB) trades at $0.00001054, adding 0.60% daily and dropping 3.30% over 7 days. The price of SHIB remained below key levels of technical indicators on the daily chart. Sellers can reestablish their dominance if the buyers experience a reversal back lower into this critical area, around $0.000011. Otherwise, traders may anticipate a test of support at $0.000010.

With 2023 coming to a close, Shiba Inu unexpectedly gets roped into one of the year’s most gripping narratives. Coinbase’s involvement in the crucial Bitcoin ETF decision and its strategic moves create a complex and captivating storyline. Coinbase’s strategic actions highlight intrigue and significance in the dynamic cryptocurrency realm. These events highlight the evolving landscape and the company’s pivotal role in shaping the future of digital assets.

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