Mysterious Shiba Inu Whale Deposits 100 Billion SHIB to Coinbase Ahead of FOMC
Release: 2024/05/02 00:03 Reading: 905
Cover Image: U.Today
Intriguing Development: Mysterious Whale Deposits 100 Billion SHIB
According to analytics data from Arkham Intelligence, a mysterious whale has emerged, depositing a staggering 100 billion Shiba Inu (SHIB) tokens into the hot wallet of Coinbase, the United States' largest crypto exchange.
On-Chain Data Reveals:
- The entity, identified by the address "0x6d2," recently withdrew $2.26 million worth of SHIB to a Coinbase-affiliated address. [Source: Arkham Intelligence]
- The address had been actively accumulating SHIB tokens from Coinbase over the past week, amassing 105.57 billion SHIB before depositing the entire sum back into Coinbase. [SHIB to USD: CoinMarketCap]
Timing and Context:
The whale's maneuvers coincide with a significant 20% decline in the price of SHIB, bringing it down to $0.00002057 per coin.
Risk Aversion Ahead of FOMC Meeting:
This massive SHIB deposit occurs just ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting. Market participants are eagerly awaiting the committee's decision on the U.S. Federal Reserve rate. The whale's move to deposit tokens on Coinbase is seen as a potential sell signal.
Historically, investors liquidate assets ahead of major economic events to mitigate potential losses. Despite expectations of a rate cut by the Federal Reserve, market sentiment remains cautious, leading to a downturn across various asset classes, including cryptocurrencies.
As the FOMC meeting approaches, all eyes are on the outcome, with speculation about the identity and motives of this mysterious Shiba Inu whale.
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