Popular meme-inspired cryptocurrency Shiba Inu (SHIB) is once again in the spotlight in the dynamic world of crypto, as an unknown new whale allegedly withdrew billions of tokens from major U.S. exchange Coinbase. 

Thus, according to on-chain data displayed by Arkham Intelligence, the entity behind the "0x73f8" address has withdrawn 165.37 billion SHIB in the last five days, which is equivalent to $2.26 million in current prices.

This amount of Shiba Inu tokens was withdrawn in three transfers, with the latest consisting of 97 billion SHIB, worth $1.33 million, happening over the last 17 hours. It is worth noting that there is no previous history with this wallet, and all withdrawals occurred on Coinbase.

Shiba Inu (SHIB) tests patience

Meanwhile, the price of the Shiba Inu token continues to trade mainly...sideways. The lack of action is known to be typical for the accumulation period, but it is still very boring and annoying. 

However, as one can see, this is a period on the market when sophisticated market participants make investment decisions, the biggest of them. 

It will be interesting to see if the unknown whale will continue to accumulate SHIB at current prices and how they will manage the amount already accumulated after the market decides its direction. Nevertheless, Shiba Inu is back in the spotlight, and the SHIB community loves it.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.