Shiba Inu Price Surges As Mysterious Whale Moves 1T SHIB Tokens To Coinbase

The dog-themed altcoin Shiba Inu saw a massive spike in its price Monday after an anonymous whale moved 1 trillion SHIB tokens to Coinbase, a publicly-traded company that operates as a cryptocurrency exchange platform.

After several days of trading in the red zone, the fan-favorite, community-centered crypto asset Shiba Inu saw a huge gain in its price. The altcoin traded with five zeros over the past seven days, and it was just Monday that it ate another zero when it briefly traded at $0.00001001, showing a gain of 9.43% from its price of $0.00009147 on Dec. 2.

The gain is most likely due to the movement of an anonymous whale, which transferred 1,060,594,914,048 Shiba Inu tokens to an anonymous address, Coinbase wallet 10. The transfer was worth $10,415,042 based on the price of the SHIB/USD at the time.

The transfer was first spotted by a Twitter user who goes by the handle @shibaplay_, which is a decentralized, community-driven project that also provides information on the latest burn and whale updates.

Unlike its rival Dogecoin, which has made decent gains, thanks to Elon Musk, the Shiba Inu price moved with the overall sentiment of the global crypto market. The price of the dog-themed altcoin was down by over 90% from its all-time high in October 2021.

Shiba Inu is currently experiencing the bitter taste of global crypto market consolidation along with other top crypto assets. However, as bearish sentiment looms over the market, which has just witnessed another spectacular implosion by one of the largest crypto derivatives exchanges in the world, FTX, Shiba Inu did not see major gains or losses and was still trading below resistance.

The community's aggressive SHIB burning effort and the significant accumulation of Ethereum whales over the past few days have acted in favor of SHIB's price. However, that was not enough to propel the crypto asset to cross the resistance zone.

A recent update from whale tracker WhaleStats revealed that the top 2,000 Ethereum whales currently hold $76.473 million worth of SHIB. But, the Shiba Inu community, more popularly known as the Shib Army, is still bullish about the crypto assets, and while some are dumping SHIB, others are accumulating and taking advantage of the dip.

As of 1:18 a.m. ET Tuesday, SHIB left the $0.0000100 mark and was trading down 4.54% at $0.000009339 with a 24-hour volume of $183,514,101, according to the latest data from CoinMarketCap.