Coinbase is seeing the mysterious withdrawal of billions of Shiba Inu (Shib)

The US major cryptocurrency exchange Coinbase has recently seen a major leak of Shiba Inu (SHIB), a cryptocurrency inspired by popular memes.

Over the past four days, around 169.63 billion Siv have left the exchange hot wallet. This is worth around $2.5 million at the current Shiba Inu Coin price. The recipient wallet is “0x8a26” and does not have previous transaction history.

The withdrawal took place in four tranches, but the final tranche took place about 19 hours ago, the largest, with 62.783 billion Siv leaving Coinbase.

Such withdrawal from centralized crypto platforms is commonly recognized as the act of large investors who buy coins on the liquid platform and withdraw to unlawful storage.

However, this may be just an internal operation of the replacement itself. Security needs, for example, are particularly logical after the recent $1.5 billion bibit exploit.

Shiv’s emotions have been split

Looking at the chain exchange flow data presented by Arkham Intelligence, it can be said that withdrawal from exchanges is not currently a common trend, and that most SHIB cryptocurrencies are currently leaking rather than exchanges.

This contrasts with retreat, which could be a sign of bearishness. This is because those who intend to sell cryptocurrency usually do so by depositing their holdings on the platform as the most liquid location to remove assets.

Such dynamics are understandable as the broader crypto market currently does not offer a clear vision of further direction for the island. The impact on price is also shown.

However, how this situation is resolved remains open to speculation. If it’s actually a whale that draws billions of shibs from Coinbase, it will be interesting to see if their tactics will pay off.