$SHIB $ETH A massive SHIB transaction worth 31.65 million USD has just been executed to Coinbase Institutional, causing a stir in the cryptocurrency community.

Shocking transaction details:

  • Quantity: 2,542,712,471,794 SHIB

  • Value: ~31.65 million USD

  • Receiving address: Coinbase Institutional (service for institutions and high net worth individuals)

  • Source of funds: Anonymous wallet

3 hypotheses have been proposed:

  1. Preparing for a major sell-off

  2. Custody transfer between cold wallets

  3. Signs of large institutions showing interest in SHIB

Newly updated information:
This transaction is actually related to the custody activity of the market maker rather than a sell-off signal. This indicates:

  • Large institutions may be preparing to custody SHIB in anticipation of price increases

  • Or it could simply be transferring assets from cold wallets to a secure custody platform

SHIB price movement:

  • Has decreased for 3 consecutive days from the peak of $0.00001345 (3/6)

  • Recovered at the support level of $0.0000119 with high liquidity

  • Currently trading at $0.00001282 (+3.1% 24h, +3.7% week)

  • Still in a downtrend since mid-May

  • Nearby resistance level: $0.00001389 (coinciding with the 50-day SMA)

  • Next strong resistance: $0.00001745 (200-day SMA)