A mysterious transaction involving nearly 188 billion Shiba Inu (SHIB) tokens has caught the attention of crypto analysts. A wallet previously withdrawing SHIB from Coinbase over the past month has now sent the entire amount—worth over $2.17 million—back to the exchange in a single transaction. The lack of intermediary wallets or interaction with other platforms has sparked debate on whether this was a routine internal test or part of a deeper liquidity operation.
According to data from Arkham Intelligence dated June 20, 2025, the wallet labeled with prefix “0xf3f” had been gradually accumulating the tokens from Coinbase since early May. Now, every single SHIB token has returned to its original source.
Unpacking the Transaction
This kind of activity is not typical of retail traders or automated bots. Post-transfer, the wallet held a remaining balance of just $0.012, essentially making it a dormant or burned address. No other assets or movements were detected, making the event stand out.
There was no sign of routing through other centralized exchanges, no token fragmentation, and no use of cross-chain bridges. For this reason, several analysts speculate the transfer could be tied to liquidity testing, custodial rebalancing, or internal accounting rather than a retail or institutional sell-off.
Price Holds Steady at Critical Support
Interestingly, the transaction occurred while SHIB price hovered at around $0.00001177, a level that has acted as a support zone since March. This area has also seen increased on-chain activity in recent weeks, suggesting a key battleground for SHIB’s near-term market structure.
Despite the size of the transfer, no significant price fluctuation was observed, indicating that the market did not interpret the transaction as either bullish or bearish. For now, the SHIB token continues to trade in a relatively stable band.
Turkish NY Radio Analysis
According to Turkish NY Radio, the nature of the transaction suggests a non-speculative intent—potentially indicating Coinbase’s behind-the-scenes operational strategy. While SHIB remains a high-volatility asset, such neutral, large-scale movements often point to exchange maintenance or internal fund reallocation.
Still, SHIB investors will be watching closely for any follow-up transactions, especially if the tokens are later sold or moved again in a different context.
