Massive Shiba Inu Accumulation As New Wallet Emerges with 417 Billion SHIB Holdings

A new whale wallet has emerged among Shiba Inu (SHIB) holders after receiving 417 billion tokens worth a whopping $4.4 million.

The price of SHIB may still be a long way from its all-time high. Yet, many high-profile investors remain interested in the token, as evidenced by the growing number of whale transactions.

In recent weeks, Shiba Inu has enjoyed its fair share of these whale movements, with the latest involving the emergence of a new wallet.

On-chain data shows that the new address with the initials 0x75095 received 417 billion tokens (valued at around $4.4 million). Although the identity of the address holder is unknown, further research suggests an institutional entity was behind the transfer.

Notably, the sending address received 0.018 ETH (approximately $38) from an address associated with Coinbase Prime within an hour before sending SHIB. After the SHIB transfer, the wallet also transferred the ETH balance back to Coinbase Prime.

Coinbase Prime is an institutional-focused arm of the popular cryptocurrency exchange Coinbase. This involvement with Coinbase Prime has triggered speculation that the large SHIB transfer may have involved Coinbase itself or one of its institutional customers.

Shiba Inu Whale Transactions on the Rise

The latest whale transfer involving Shiba Inu (SHIB) joins a rapidly growing list of large movements of the token. In this month alone, The Crypto Basic has reported several such transfers, notably including a 4.12 trillion SHIB transfer earlier this week.

Although these large movements have not necessarily translated to higher SHIB prices, they may provide another indicator. Large players are still interested in the blockchain project, and a future increase may not be completely ruled out in light of recent developments.

Meanwhile, SHIB is trading around $0.00001055 at the time of writing. The latest price means it has taken its current streak of consecutive days above the $0.00001 mark to eleven.

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