A mysterious whale has withdrawn 105 billion Shiba Inu (SHIB) tokens worth $1.99 million from Coinbase, leaving analysts and traders speculating on the purpose behind this bold move. The transaction comes amid volatile price action for the meme-inspired cryptocurrency.

Whale Withdraws 105 Billion SHIB from Coinbase

Withdrawals totaling billions of Shiba Inu (SHIB) tokens have struck top U.S. exchange Coinbase in the last day.

An anonymous whale with the address "0x12F72" has withdrawn 105.866 billion SHIB from Coinbase in the past 13 hours, which is equivalent to $1.99 million at the current exchange rates, according to Arkham Intelligence.

SHIB Transfers Surge in Size

A total of thirteen separate transfers totaling thirteen billion SHIB, or $253,330, were involved, beginning with a withdrawal from the Coinbase hot wallet. A subsequent withdrawal, this time four times larger, saw 67.257 billion Shiba Inu coins depart from the top US exchange. Just a few hours ago, an unidentified whale made the third and last withdrawal to this point.

The undisclosed large player's address is entirely new and has never been in on-chain reports before, as noted by U.Today.

Speculation on the Whale’s Identity Grows

The only thing we can say about the mysterious large buyer of Shiba Inu tokens at this point is that they are quite bullish on the popular meme-inspired cryptocurrency. Neither the identity of the buyer nor the affiliation of this wallet with the exchange have been revealed.

The large U.S. exchange was taken aback by the inexplicable SHIB withdrawals, which occurred during the token's somewhat intriguing price movement. The meme-inspired token's price finally broke out today, briefly reaching values as high as $0.00001933 after settling all week into a narrow band of $0.000019 to $0.0000175 per SHIB.

Buyers Still Interested at Higher Prices

Traders were reminded that there are buyers prepared to buy at higher prices because, even if the pump was sold off within the hour, it left a massive upside wick.