Recent data shows that a significant amount of the meme-inspired cryptocurrency Shiba Inu (SHIB) has been withdrawn from major U.S. exchange Coinbase. Over the past four days, approximately 169.63 billion SHIB, valued at around $2.5 million, was transferred to a wallet with no transaction history. The withdrawal occurred in four parts, with the largest transaction taking place about 19 hours ago. While such withdrawals are often seen as large investors moving coins to non-custodial storage, it is possible that this is an internal operation by Coinbase to enhance security following the recent ByBit exploit. On-chain exchange flow data indicates that the current trend is for SHIB to flow into exchanges, not out. Typically, withdrawals suggest a bearish sign as individuals intending to sell usually deposit their holdings on the most liquid platform. The overall direction of the Shiba Inu market remains uncertain, and the price has been impacted by these withdrawals. The resolution of this situation is uncertain, and if it is indeed a whale withdrawing billions of SHIB from Coinbase, it will be interesting to see the outcome of their actions.



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