Coinbase, one of the largest cryptocurrency exchanges in the United States, executed a significant internal transfer involving Shiba Inu (SHIB) this week. On-chain records show the exchange moved approximately 1.16 trillion SHIB tokens, valued at $4.95 million, from its Ethereum infrastructure to three wallets created specifically for this purpose.
Major SHIB transfer to empty wallets
The transferred SHIB tokens were distributed between three newly generated addresses, each holding only the SHIB received in these transactions and no other digital assets. Arkham Intelligence, a blockchain analytics platform, identified the source and the path of the funds, confirming that the wallets were empty before receiving the tokens.
Two major transactions, containing 348 billion and 242 billion SHIB respectively, originated from Coinbase Prime Custody addresses. Coinbase Prime Custody is a specialized service catering to institutional and corporate clients, providing managed custody and secure crypto storage.
Mini dictionary: Coinbase Prime Custody, a platform for institutions offering secure crypto asset storage and management with comprehensive compliance and insurance features, distinct from Coinbase’s retail platform.
A further 573 billion SHIB, the largest portion of the total, was withdrawn from another wallet identified by its address “0xa59…447.” This address did not carry an exchange label in Arkham’s system. Analysts stated that wallet “0xa59…447” may either be an unlabeled Coinbase-related address or an external holder moving assets off the exchange.
Internal security and market impact
These large-scale transfers did not go through the spot market, which meant that SHIB exchange order books and trading activity were unaffected. Instead, the movements were conducted entirely within the exchange’s internal infrastructure, a practice commonly used for custodial management, risk reduction, and liquidity planning by major platforms.
Coinbase’s practice of moving coins to new wallets is intended to strengthen security protocols and ensure that client holdings are isolated from the exchange’s main liquidity pools. Distributing over 1 trillion SHIB in this manner is a precaution that allows the platform to control internal balances without triggering any immediate trading volatility or affecting market perception.
| Transaction Source | SHIB Tokens Moved | Estimated Value | Destination Wallet Status |
|---|---|---|---|
| Coinbase Prime Custody | 348 billion | Included in total | New, empty |
| Coinbase Prime Custody | 242 billion | Included in total | New, empty |
| 0xa59…447 (unlabeled) | 573 billion | Included in total | New, empty |
Distributing assets to separate external wallets is a typical security and liquidity process for custodians, designed to protect client funds and avoid any direct impact on the marketplace.
SHIB price holds near support level
The timing of the transfer coincided with the SHIB token trading near a key psychological support of $0.00000400. The weekly relative strength index (RSI) remains in the 33–35 range, suggesting the asset is now significantly oversold. Analysts see the maintenance of the current price as crucial for avoiding a deeper downturn toward previous yearly lows.
The execution of these internal transactions just above a local market bottom highlights the intent to preserve and secure existing positions rather than bring additional SHIB liquidity to exchanges.
By keeping these transfers entirely within Coinbase’s internal infrastructure, the exchange avoided putting pressure on the open market, helping sustain SHIB’s price above the support threshold.
Moving 1.16 trillion SHIB internally prevented any market selloff, allowing the price to remain stable near critical levels, even as the asset traded at oversold conditions.
