Whale movements usually do not go unnoticed in the crypto market, as they can be huge pointers to what’s coming or what the big players think about a project. One of the recent ones for Shiba Inu is the movement of $36 million worth of SHIB tokens to Coinbase.
According to a report from The Crypto Basic, a mysterious wallet sent a massive 2.8 trillion SHIB tokens, valued at around $36 million, to Coinbase. This transaction was highlighted by Whale Alert, a popular platform for tracking large crypto transfers. The transfer took place on June 4 at 21:24 UTC and immediately raised questions within the Shiba Inu community. This was especially notable as SHIB price had dropped by around 2.34% over the previous 24 hours.
🚨 🚨 2,869,483,918,550 #SHIB (36,603,136 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/EZW4fa0AtU
— Whale Alert (@whale_alert) June 4, 2025
At first, the wallet involved was thought to be unknown. But further investigation revealed more details about what really happened.
What you'll learn 👉
Market Maker Behind the Move
It turns out that the wallet wasn’t anonymous after all. Analysis from Arkham Intelligence identified the sender as Wintermute, a well-known market maker in the crypto space. Even more interesting, the SHIB tokens didn’t come directly from Wintermute’s own holdings. They were first moved from BitGo, a major custody provider, through a wallet tagged “0x808.”
Earlier on the same day, BitGo transferred 2.9 trillion SHIB, worth about $37 million, to Wintermute at 20:53 UTC. Alongside the SHIB, BitGo also sent 16,650 ETH, roughly $43.5 million in value. All of these assets were later moved to Coinbase Prime, the institutional trading platform of Coinbase.
This sequence of transfers shows that Wintermute was simply moving funds from cold storage to an exchange, likely in preparation for trading or providing liquidity. These types of moves are standard practice for market makers. They frequently shift funds from custody wallets to exchanges where they can execute trades and support the market.
Unknown Wallet Moves 2,869,483,918,550 #ShibaInu Worth $36M to Coinbase: Here’s What Really Happened.🧵🧵🧵 pic.twitter.com/OLs7OsvXEA
— TheCryptoBasic (@thecryptobasic) June 5, 2025
What It Means for SHIB Price
While large transactions like this tend to catch attention, they don’t always signal a major price move. In fact, SHIB price did not see a dramatic impact after this latest whale transfer. And this is not the first time Shiba Inu has seen multi-trillion token transactions according to The Crypto Basic.
The page noted that in the past, wallets have moved even larger amounts without significant consequences. One example is the transfer of 3.36 trillion SHIB from a wallet labelled “GnosisSafeProxy” to another unknown address. Another time, Crypto.com moved 32.47 trillion SHIB tokens, which shocked many at first. But it was later revealed to be nothing more than an internal wallet shuffle.
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So while the $36 million SHIB transfer to Coinbase might look huge, it is likely a routine operation by Wintermute as part of its liquidity management. It’s not necessarily a sign of a price crash or a sudden rally. Still, it reminds us that big players are actively working with SHIB and that the token continues to see significant activity on institutional platforms.
For those tracking SHIB price, this event highlights that movements by whales often have more to do with trading logistics than dramatic market shifts.
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