A newly created wallet withdrew 169 billion Shiba Inu tokens from Coinbase across six transactions between December 3-4, signaling accumulation as SHIB trades near $0.0000088.
The move reduces selling pressure on exchanges during a period of heightened market uncertainty.
Blockchain analytics platform Arkham Intelligence tracked the withdrawals totaling 169,136,053,041 SHIB, valued at approximately $1.49 million. The wallet had no prior transaction history before these transfers.
What Happened
The whale executed the first withdrawal on December 3, moving 81.61 billion SHIB to the new address. Three additional transfers followed the same day, totaling 19.48 billion, 11.59 billion, and 11.55 billion tokens.
On December 4, two more transactions added 11.34 billion and 33.54 billion SHIB to complete the accumulation. All six transfers originated from the same Coinbase hot wallet within a 17-hour window.
The tokens remain untouched in the destination wallet. Moving assets off exchanges typically indicates long-term holding intentions rather than preparation for immediate selling.
This withdrawal follows larger historical moves involving SHIB and Coinbase. In July, an unknown wallet pulled 5 trillion tokens from Coinbase Institutional, worth approximately $70 million at the time.
Also read: Binance Suspends Terra LUNA Deposits, Withdrawals For December 8 Network Upgrade
Why It Matters
The timing coincides with SHIB trading at subdued price levels. Current market data shows SHIB changing hands near $0.0000088, below the psychological $0.00001 threshold that many traders watch.
Removing 169 billion tokens from circulating exchange supply reduces immediate selling pressure. The Fear & Greed Index sits at 25, indicating extreme fear in the broader cryptocurrency market.
Price predictions for December 2025 range from $0.000009235 to $0.00001015 across multiple analytical platforms. The token has recorded 13 green days out of 30 over the past month.
Whether this represents institutional accumulation or individual positioning remains unclear. The wallet's continued inactivity and lack of identifying information prevent definitive attribution.
Market observers will monitor the address for subsequent activity. Additional purchases would strengthen bullish sentiment, while transfers back to exchanges could signal potential distribution plans.
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