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Coinbase Sees Mysterious Withdrawal of Billions of Shiba Inu (SHIB)
Recently, concerns have been raised regarding a mysterious withdrawal of billions of Shiba Inu (SHIB) from Coinbase. The sudden and significant outflow has left many wondering what this means for the cryptocurrency’s future direction.
Despite some negative sentiment in the market, data suggests that SHIB investors are not withdrawing their funds at an alarming rate. On-chain exchange flow data provided by Arkham Intelligence reveals that withdrawals from exchanges are not a common trend currently, with most of the cryptocurrency flowing into exchanges rather than out.
This could indicate that investors are choosing to hold onto their SHIB holdings and may be hesitant to sell due to the current market conditions. As such, it’s difficult to determine whether this sudden withdrawal is a sign of panic selling or simply a reorganization of existing funds on the platform.
It remains to be seen how this situation will play out in the future, as there are many factors at play that could impact SHIB’s price direction. If these withdrawals do continue, we may see a significant sell-off in the short term, potentially putting downward pressure on prices.
Source: https://u.today/coinbase-sees-mysterious-withdrawal-of-billions-of-shiba-inu-shib
