Shiba Inu Coin: Whale Dumps 199B SHIB To Coinbase, What’s Next?

Shiba Inu, the self-proclaimed Dogecoin killer, has once again sparked a flurry of speculation within the global crypto community. As its price retraces into the red after yesterday's gains, a whale has been observed transferring a massive amount of SHIB to Coinbase, one of the world's leading centralized exchanges (CEXs).

This move has triggered a wave of mixed market sentiment, leaving the future price trajectory of SHIB uncertain. Let's examine the recent whale data and market dynamics surrounding one of the most popular dog-themed meme coins.

Whale Realizes Profit with Massive SHIB Transfer

According to data provided by the on-chain analytics platform Spotonchain, whale 0x541 deposited 199 billion SHIB to Coinbase on May 17. Notably, the whale had acquired these tokens from Coinbase between October 2021 and September 2023. By depositing all their SHIB holdings into Coinbase, the whale has realized an estimated profit of $3.2 million.

While this transaction demonstrates the whale's substantial gains from SHIB by purchasing at an opportune time, it is important to note that current market sentiment is not as bullish. Market sentiment shifted as the whale's transaction coincided with profit-taking behavior. Crypto market participants view this as potentially negative, as it could further increase the selling pressure on the token.