An influx of trillions of Shiba Inu to the prominent crypto exchanges Coinbase and Binance in the past 24 hours has left tongues wagging among the community.
The much-talked-about transactions have seen unknown wallets shift a total of 6.5 trillion SHIB for two consecutive days. Could they be selling? Here’s what we know.
Whale Wallet Moves Fresh 3.2 Trillion SHIB to Coinbase Prime
Again, Whale Alert drew the crypto community’s attention to this attention-grabbing transaction. In a tweet on June 5, it identified a 3,629,545,331 SHIB relocation worth a massive $43.6 million to a Coinbase Institutional wallet.
Data from Etherscan further detailed the transaction. The massive shift occurred between the sending address “0x2E2A” and the receiving address “0x46E5,” identified as a Coinbase-affiliated wallet, at 22:14 (UTC) on Thursday.
Meanwhile, the two wallets have been in contact with each other recently. Specifically, the exact addresses moved funds among each other in the same direction in the past 24 hours, further drawing attention.
Sell-Off or Just Another Shift? Here’s What We Discovered
The Crypto Basic reported a 2.8 trillion SHIB ($36 million) shift from “0x2E2A” to Coinbase yesterday. According to the piece, the sending address was not an unknown wallet, as Whale Alert identified, but a wallet tied to a prominent market maker, Wintermute.
Furthermore, as seen in Wednesday’s transaction, a similar situation occurred yesterday. Wintermute received the 3.2 trillion SHIB it shifted to Coinbase from BitGo, a top digital asset custody provider. The platform’s multisignature addresses transferred $43.6 million worth of Shiba Inu, along with 16,000 ETH ($38.8 million).
The Thursday transaction brings the total amount of Shiba Inu and Ethereum sent from Wintermute to Coinbase Prime in the past 24 hours to a staggering 6.5 trillion SHIB ($80.2 million) and 32,650 ETH ($82.38 million). Interestingly, they all came from BitGo.
Meanwhile, transactions like these could be one of the cases where a market maker moves funds from a secure custody provider to an institution-grade crypto exchange for actual market-making or trading purposes. Nonetheless, the reason behind these persistent transfers remains unknown at the time of this press.
Whale Gains $311,000 With Shiba Inu Sales
Another whale was also moving Shiba Inu yesterday, this time to the leading crypto exchange Binance. Market intelligence platform Lookonchain highlighted this transaction in a tweet today.
Whale 0x6E45 deposited 100.45B $SHIB($1.21M) into #Binance 6 hours ago after being dormant for 3 years, making a profit of ~$311K(the profit exceeded $2.7M at the peak).https://t.co/CmYdXUqAbf pic.twitter.com/JzfYWqdPCa
— Lookonchain (@lookonchain) June 6, 2025
The post showed that the whale wallet “0x6E45” transferred 100.45 billion SHIB over two transactions to the Binance Deposit wallet late Thursday, adding to the number of the tokens moved to the exchanges.
Interestingly, the whale has been dormant for three years and acquired the stash for less than $900,000 at the time. Yesterday, he sold for a gain of $311,000, which, although substantial, is far below the over $2.7 million he would have earned by selling the stash at Shiba Inu’s peak price of $0.00008845.
Shiba Inu Price Position
It is unclear whether Shiba Inu’s correction yesterday was in response to the skepticism the transaction may have sparked among investors or to the broader market capsize. Nevertheless, the dog-themed meme coin did retrace considerably.
Shiba Inu is down 4.33% in the past 24 hours, trading at $0.00001223 at the time of writing. The continued sideways trend now takes its seven-day and year-to-date retracement to 9.67% and 42.14%, respectively, suggesting a strong streak of underperformance.
Nonetheless, analysts remain confident that a change of form is still feasible. For instance, Whale.Guru predicted that Shiba Inu would be “pumping like crazy” by next week.
