Shiba Inu Lead Developer Responds to Major Coinbase Move Involving $35 Million in SHIB

The Shiba Inu community recently experienced a surprising surge in whale activity that involved a remarkable $35 million worth of SHIB tokens. This significant movement not only grabbed the community's attention but also prompted a rare public statement from Shiba Inu’s lead developer, Shytoshi Kusama, after months of silence.

Key Takeaways

A significant whale movement involving $35 million in SHIB tokens occurred, sparking a reaction from Shytoshi Kusama.
Kusama emerged after months of silence to address the community's concerns about the large transfer from Coinbase to a private wallet.
Analyst 'SHIB Crack' forecasts that SHIB could potentially rise to $0.00002 amid increased whale activity, despite current market downtrends.

Shiba Inu

Lead Developer Emerges Following Whale Movement

After being quiet for over three months, Kusama made a comeback on X as the Shiba Inu community reacted to a noteworthy transfer involving a substantial amount of SHIB. His reappearance was spurred by a repost from World Blockchain Capital that highlighted the transfer of approximately 4.136 trillion SHIB tokens, equivalent to around $35 million, from the crypto exchange Coinbase to a private wallet.

World Blockchain Capital tagged various members of the Shiba Inu community in their post to emphasize the rarity of such a large transfer. Market analyst Del Crxpto was the first to report this transaction, noting its size and significance.

When tokens are withdrawn from exchanges and sent to a private wallet, it generally indicates that major investors are looking to accumulate or hold onto their assets for the long term, rather than selling them immediately. The sheer volume of this transaction has generated a bullish sentiment among market observers, especially during a time of significant price volatility.

What truly intrigued the community was Kusama's unexpected return to address the whale movement. Previously, he had explained that his reduced visibility was due to a focus shift towards new projects, including interests in Artificial Intelligence (AI) aimed at enhancing the ecosystem. Kusama stressed that, despite exploring fresh avenues, he continues to collaborate with SHIB developers like Kaal Dhairya to shape the next chapter of Shiba Inu.

Analyst Predicts $0.00002 for SHIB as Whale Activity Grows

Market analyst 'SHIB Crack' reported on X that Shiba Inu is showing potential signs of a major breakout amid increased market activity. Currently, the SHIB price is on a downward trend, having fallen by over 6% this week and more than 16% in the past month.

Despite this decline, SHIB Crack remains optimistic, projecting that the meme coin could rise to $0.00002. As of now, SHIB is trading at $0.0000082, which means it would need to increase by more than 142% to hit the analyst's target.

The bullish outlook stems from the recent uptick in whale activity. SHIB Crack noted that SHIB whales have started to quietly accumulate tokens, suggesting a renewed confidence in the token’s potential for a price rally.

Shiba Inu SHIB trading at $0.0000082 on the 1D chart | Source: SHIBUSDT on Tradingview.com