More than 1.16 trillion Shiba Inu (SHIB) tokens were moved out of Coinbase-linked wallets in a rapid sequence of large transfers, drawing renewed attention to the meme coin. The tokens moved in three major transactions within minutes, while SHIB’s price remained near multi-year lows before posting a modest rebound.

Large Coinbase-Linked Transfers Draw Attention

Blockchain trackers identified major outflows from Coinbase-related addresses, including activity visible through Arkham’s explorer for the linked address and transaction records: Arkham address and Arkham transaction.

Because the transfers did not appear to move directly onto open order books, many observers interpreted them as possible internal wallet rebalancing or cold-storage management rather than immediate buying or selling activity. Exchange-linked wallet movements are closely watched because they can affect how traders assess available liquidity, but on-chain transfers alone do not identify the owner’s intent. Even so, the size of the movement put SHIB back in focus among traders monitoring exchange-linked wallets.

Exchange Outflows Continue

Separately, blockchain venues show that a net 74 billion SHIB has been withdrawn from centralized exchanges in recent days. Such withdrawals are often viewed as a potential sign of reduced near-term sell pressure when holders move tokens into self-custody. However, it remains unclear whether the activity reflects genuine accumulation or routine wallet reshuffling.

SHIB Remains Below Key Technical Levels

Despite the on-chain activity, technical analysts say SHIB remains within a broader bearish structure. The token is still trading below key moving averages, and analysts continue to point to the need for a clean break above major resistance before any meaningful reversal can be confirmed. SHIB’s market-cap ranking has also fluctuated around the edge of the top 30 following a period of weakness.

Large Coinbase-linked transfers and continued exchange outflows have kept Shiba Inu in market discussions, but the token’s price has not yet shown a significant response. In the meme coin sector, where sentiment and liquidity can shift quickly, large token movements can raise questions about wallet management and holder behavior. Their market impact remains uncertain unless demand strengthens and resistance levels are broken.