A large-scale cryptocurrency investor has withdrawn 48.53 billion Shiba Inu tokens from Coinbase’s hot wallet in a single transaction valued at approximately $422,700. The move, tracked by blockchain analytics platform Arkham, represents one of the most significant SHIB withdrawals recorded in recent days.
Source: Arkham
The receiving address carries the “Ethereum First Funder” designation, indicating its presence on the network since the early days of Ethereum. Despite its historical footprint, the wallet’s recent activity pattern indicates a marked strategic shift toward accumulating meme coins.
Portfolio Composition Shifts Dramatically
The whale’s current holdings total $2.54 million, with 410 ETH comprising the primary position. Following the latest withdrawal, SHIB now occupies the second-largest position in the portfolio at over $408,000. This allocation represents a deliberate concentration in the meme coin sector.
Arkham’s balance tracking reveals the wallet’s rapid growth trajectory. The portfolio value surged from less than $500,000 to its current $2.5 million mark within a two-month period. The SHIB acquisition serves as the most recent driver of this expansion.
The timing of the withdrawal coincides with broader market weakness in SHIB. The token declined 2.83% over the past 24 hours, trading at $0.00000842 at the time of writing. This suggests the whale perceives current price levels as an accumulation opportunity rather than a deterrent.
SHIB’s price action over the past 24 hours (Source:CoinCodex)
Technical Levels Draw Attention
SHIB recently attempted to break through the $0.00000900 resistance level but failed to sustain momentum above that threshold. The token now trades just above critical local support zones that technical analysts are monitoring closely.
Market observers have identified $0.00000699 as a key support level that could provide downside protection. On the upside, resistance sits at approximately $0.00001102 and $0.00001203. These price points represent areas where SHIB has historically faced selling pressure during previous rallies.
Should the whale’s entry point prove well-timed and SHIB reaches the identified resistance levels, the position could generate unrealized gains between $160,000 and $200,000. This potential return assumes the token can reclaim previous highs without significant dilution of the position.
Source: https://coinpaper.com/13702/whale-withdraws-422-k-in-shib-as-price-drops
