Half-Trillion SHIB Withdrawal Rocks Coinbase: What’s Behind the Move?
On Dec. 30, Arkham Intelligence flagged a large on-chain movement of 485,106,817,819 SHIB that left a Coinbase Prime hot wallet and landed in one previously untagged address across three separate transactions over two days. The transfers were not recorded as a single block move, suggesting staged consolidation rather than a single automated payout. Arkham’s traceability highlights the volume and destination but the receiving address remains unlabelled.
The move matters because shifting hundreds of billions of tokens out of an exchange hot wallet can change perceived available liquidity and spark speculation about future selling or long-term custody consolidation. It could be an internal Coinbase rebalancing, an over-the-counter trade, or whale accumulation; without an address tag or official comment the motive is unclear. Traders and market watchers will likely monitor order books and subsequent on-chain activity for signs of distribution or redeployment.