Analytical data of Arkham Intelligence has revealed an intriguing development as a mysterious whale appeared, depositing a staggering 100 billion Shiba Inu tokens into the hot wallet of the United States’ largest crypto exchange, Coinbase.
Analytical data of Arkham Intelligence has revealed an intriguing development as a mysterious whale appeared, depositing a staggering 100 billion Shiba Inu tokens into the hot wallet of the United States’ largest crypto exchange, Coinbase.
According to on-chain data, the enigmatic entity, identified by the address “0x6d2,” recently made a significant withdrawal equivalent to $2.26 million in SHIB to an address affiliated with Coinbase.
What’s more, this address had been actively accumulating Shiba Inu tokens from the exchange over the past week, amassing a staggering 105.57 billion SHIB before depositing the entire sum back into Coinbase.
The timing of these maneuvers is particularly noteworthy, coinciding with a substantial SHIB price drop of over 20%. This drop brought the price down to $0.00002057 per coin.
Risk reduction as FOMC approaches?
To add to the intrigue, this massive SHIB deposit came just before the highly anticipated Federal Open Market Committee (FOMC) meeting. As market participants anxiously await the committee’s decision on the US Federal Reserve rate, the whale’s decision to deposit tokens on the exchange is seen as a potential selling signal.
Traditionally, investors resort to liquidating their assets before major economic events to mitigate potential losses. Even though expectations of a rate cut by the Federal Reserve abound, market sentiment remains cautious, prompting many to seek refuge in cash, resulting in a slowdown in several asset classes, including cryptocurrencies.
As the FOMC meeting looms on the horizon, all eyes are on the outcome, waiting for clues to the identity and motives of this mysterious Shiba Inu whale.
