Over the past two weeks, whale wallets tied to Coinbase have been shuffling enormous amounts of Shiba Inu (SHIB), moving billions of tokens in a series of transfers that have almost completely emptied one address while filling another on the same exchange cluster to the equivalent of a multi-million-dollar balance.
This activity coincides with SHIB’s return above $0.000013, fueling speculation that the meme coin may be gearing up for its next pivotal price move after months of stagnation.
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The first address started loading in late August, with withdrawals recorded in waves that included 28.39 billion SHIB worth $357,560, another 38.19 billion tokens worth $482,570 and finally 102.59 billion SHIB valued at $1.28 million. There were a few smaller outflows after that, but the trend stayed the same — Shiba Inu tokens slowly left until there was only $2.47 million left.
That final amount was sent out in a single transaction just 10 hours ago, reducing the balance of the wallet to almost zero and bringing to an end a stretch of more than $2.3 million in outflows.
Breakout watch
In the meantime, another Coinbase-linked wallet has been taking on tokens during the same period. Just four days ago, it added 67.3 billion SHIB worth $817,000, followed by 35.8 billion SHIB worth $444,820, and then a whopping 84.9 billion tokens worth $1.1 million in just one transfer.
These moves upped its holdings to 188.07 billion SHIB in total, which is valued at $2.46 million at the current SHIB price.
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On the market side, SHIB has started putting pressure on levels not tested since mid-August. After a decent recovery from the $0.000012 area, the price is tightening near $0.000013, with increasing volumes across the main pairs.
The chart shows that the price is ready to expand, and the timing of whale reallocations makes it likely that there will be a breakout attempt soon.