Shiba Inu Whale Transfers $31M to Coinbase, Raising Sell-Off Concerns

A significant Shiba Inu (SHIB) transfer of $31 million by an unknown whale to Coinbase has sparked speculation about potential upcoming sales. This move coincides with a decrease in the burn rate for SHIB by 8%, as per Shibburn, reducing the number of tokens burned to 4.5 million over the past 24 hours. Despite this decline, SHIB’s price saw a 2% rise. While traders and market analysts await clarity on the impact of this transaction, it raises concerns about potential sell-offs. This event comes amid anticipation for a price reversal according to SHIB derivative markets, but also signifies significant shifts in the Shiba Inu market.