Shiba

Sphere

Shiba Inu

Billion

<p>A massive transfer of 420 billion Shiba Inu (SHIB) tokens worth $3.87 million has piqued the interest of crypto investors as the SHIB price attempts to break through the coveted $0.00001 threshold once again.</p>
<h2 id="h-a-massive-transfer-of-420-billion-shib-spikes-curiosity-in-the-crypto-sphere">A Massive Transfer of 420 Billion SHIB Spikes Curiosity in the Crypto Sphere</h2>
<p>In an unexpected turn, an anonymous investor carried out a monumental transfer of 419.873 billion Shiba Inu tokens on January 21 between two Ethereum addresses yet to be identified.&nbsp;</p>
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<p>According to the Etherscan <a href="https://u.today/mysterious-420-billion-shiba-inu-transfer-occurs-as-shib-price-aims-at-000001" target="_blank" rel="noopener noreferrer nofollow">tracker</a>, this astronomical sum of SHIB was transferred in just 3 hours from “0xecfB” to “0xd37”, adding to the confusion surrounding this transaction of rarely seen proportions.</p>
<p>The exact origin of the tokens is also intriguing. Initially stored in a wallet associated with Coinbase Prime Custody’s institutional custody solution, this transfer suggests a possible involvement of professional investors, in line with Coinbase’s crypto custody services.</p>
<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://www.cointribune.com/app/uploads/2024/01/image-13-1024x117.png" alt="Etherscan data capture regarding the transfer of 419,873 SHIB." class="wp-image-665714" width="823" height="93" srcset="https://www.cointribune.com/app/uploads/2024/01/image-13-1024x117.png 1024w, https://www.cointribune.com/app/uploads/2024/01/image-13-300x34.png 300w, https://www.cointribune.com/app/uploads/2024/01/image-13-768x87.png 768w, https://www.cointribune.com/app/uploads/2024/01/image-13.png 1308w" sizes="(max-width: 823px) 100vw, 823px">
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  Source: Etherscan
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<h2 id="h-positive-signals-despite-uncertainties">Positive Signals Despite Uncertainties</h2>
<p>This major SHIB movement comes a few days after a similar transaction was identified by Arkham Intelligence. According to Arkham’s data, <a href="https://www.cointribune.com/en/crypto-robinhood-quietly-accumulates-billions-of-shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Robinhood is alleged to have made massive purchases</a> of Shiba Inu. No less than 230 billion SHIB tokens, worth $350 million, are said to have joined the crypto wallet of the broker.</p>
<p>This activity comes as the SHIB price attempts a rebound after 36 days of decline. Recently, the price dropped by 20.5% in a month to reach $0.0000092, its lowest level since early December 2023.</p>
<p>However, signs of repurchasing indicate a potential temporary bottom and trend reversal for the Shiba Inu token. As SHIB struggles to regain the $0.00001 level, this massive transfer adds a potential bullish element to the scenario.</p>
<p>If the SHIB price manages to consolidate around its current level, some analysts believe that a sustainable crossing of the $0.00001 threshold could be conceivable.</p>
<p>Combined with recent transactions, this <a href="https://www.cointribune.com/en/bitcoin-bull-run-on-the-horizon-mike-novogratzs-insightful-analysis/" target="_blank" rel="noopener noreferrer nofollow">bullish scenario</a> could materialize sooner than expected.</p>

Crypto: Mysterious transfer of 420 billion SHIB, is the hype back?

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