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

A massive transfer of 420 billion Shiba Inu (SHIB) tokens worth $3.87 million is intriguing crypto investors as SHIB price attempts to cross the coveted $0.00001 threshold once again.

Massive transfer of 420 billion SHIB sparks curiosity in the crypto sphere

In an unexpected twist, an anonymous investor carried out a monumental transfer of 419.873 billion Shiba Inu tokens between two as-yet-unidentified Ethereum addresses on January 21.

According to tracker Etherscan, this astronomical sum of SHIB transited in just 3 hours from “0xecfB” to “0xd37”, adding to the confusion surrounding this transaction of rarely seen proportions.

The exact origin of the tokens is also intriguing. Originally stored in a wallet associated with the Coinbase Prime Custody institutional custody solution, this transfer suggests a possible involvement of professional investors, in line with Coinbase’s crypto custody services.

Capture data from Etherscan regarding the transaction of 419,873 SHIB.
Source: Etherscan

Positive signals despite uncertainties

This major move in SHIB comes days after a similar transaction was identified by Arkham Intelligence. According to Arkham data, Robinhood made massive purchases of Shiba Inu. No less than 230 billion SHIB tokens, worth $350 million, have joined the broker’s crypto portfolio.

This activity comes as the SHIB price attempts a rebound after 36 days of decline. Recently, the price fell 20.5% in a month to $0.0000092, its lowest level since early December 2023.

However, signs of redemptions point to a possible temporary trough 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 this scenario.

If the price of SHIB manages to consolidate around its current level, some analysts believe that a lasting crossing of the threshold of $0.00001 would be possible.

Combined with recent transactions, this bullish scenario could happen faster than expected.

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