Coinbase Moves 1.163 Trillion SHIB Tokens in 30 Minutes

Coinbase, one of the largest cryptocurrency exchanges, made significant internal transfers of Shiba Inu (SHIB) tokens on July 23. The exchange moved a staggering 1,163,213,299,134 SHIB tokens across three transactions within about 30 minutes.

The large amount of transferred tokens initially caught market attention. However, further analysis revealed that the transfers were between Coinbase's internal wallets, suggesting it was not related to customer orders or trading activity.

Blockchain media outlet Decrypt reported that on-chain data firm Arkham Intelligence confirmed Coinbase distributed the SHIB tokens to three new wallets. The transfers originated from a Coinbase Prime Custody wallet and were characterized as internal exchange operations rather than market buying or selling.