4.29T SHIB Arrives on Coinbase, Escalating Dump Concerns

• $97.33M worth of SHIB ends up on Coinbase after 10 addresses mass deposit SHIB.
• An experienced cryptocurrency analyst marks the timing for the next SHIB bull run.
• SHIB wasn’t spared from the ongoing market correction, dropping 15% in two weeks.

A series of gargantuan Shiba Inu (SHIB) transactions worth nearly $100 million have sent ripples through the crypto community. On July 11, 2024, 10 different crypto wallets sent a combined 4.29T SHIB coins that landed on Coinbase . This has piqued the interest of several blockchain detectives, including The Data Nerd.

Most of the 10 hefty transactions came from dormant cryptocurrency wallets. As spotted by The Data Nerd, there are two different accumulation phases: September 2021 and March 2024. These wallets have acquired SHIB at an average price of $0.00001309. If sold all at once, these traders would make over $41 million in profits, according to The Data Nerd’s estimates.

Shiba Inu Awaits the Full Bull

Such a large sum poured into a major centralized exchange (CEX) like Coinbase signals the default intention to sell the token. Several crypto fans on X pointed out the likelihood of such a scenario, but the actual fate of the 4.29T Shiba Inu coins is undisclosed yet.

Crypto traders on X are comparing the current price movement to that of Shiba Inu’s early days. As crypto analyst Coach K Crypto pointed out, SHIB took off from September 2021 to April 2022, claiming the current all-time peak at $0.00008616 during that period.

“We’re at the exact timing, summer before the real BULL! Touch Grass, spend time with loved ones,” advises the veteran crypto trader with over 117,000 followers on X.

According to CoinGecko , SHIB is changing hands at $0.00002185 as of press time. Although it slid down by more than 15% over the past seven days, SHIB still showcases gradual growth throughout the year, with a 229% upswing over the latest 365-day period.

On the Flipside

• While a large deposit on major crypto exchanges like Coinbase usually signals an intention to sell, the major crypto player’s move doesn’t resemble a distributional trend.
• According to blockchain research platform IntoTheBlock, Shiba Inu has seen a positive outbreak in large holder concentration, large transactions, and network growth.

Why This Matters

Shiba Inu is a crypto’s TOP 10 contender and one of the most probable candidates to overthrow Dogecoin for the top dog’s spot.

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