A total of 162.43 billion Shiba Inu (SHIB) tokens moved in a single transfer from Coinbase Prime to a new wallet with no trading history, drawing attention to possible accumulation by institutional investors or a whale, blockchain outlet U.Today reported on July 20 local time.

The transfer was worth about $672,476 and was sent to a new address with no previous transaction record.

The transaction was detected via on-chain analytics platform Arkham. The wallet was identified as a new address with no prior activity or known network links, and the market is watching for the possible emergence of a new large investor.

Analysts say it is notable that the funds were withdrawn from Coinbase Prime, a custody and trading service for institutional investors such as hedge funds, companies and professional asset managers. Because assets held at an exchange moved to a new external wallet, some say it may be for long-term storage or position building rather than a short-term sale.

The price also recovered slightly alongside a broader market rebound. Shiba Inu rose about 1.46 percent at the time, joining a rebound in bitcoin and major altcoins. Technically, a strong support line was assessed to have formed around $0.0000042.

On-chain indicators also pointed to declining exchange supply. According to CryptoQuant, Shiba Inu net exchange inflows over the past 24 hours fell 1.07 percent. Holdings immediately available for sale on exchanges also dropped to about 86.34 trillion SHIB, and exchange supply has continued to decline over the past seven days.

The market is interpreting the moves as a signal of accumulation by large investors. The outlet said large investors appear to be building positions by withdrawing tokens from exchanges during the recent rebound. If tokens move to wallets outside exchanges, the volume that can be immediately sold on the market falls, leaving room for a positive interpretation in supply and demand terms.

Still, the single transaction makes it difficult to draw firm conclusions about the wallet’s true owner or the investment purpose. Market participants are watching whether this kind of “quiet accumulation” could lead to a further rebound in Shiba Inu if the current support level holds. Some analysts also say it is hard to be confident about a trend reversal based on a single on-chain transaction because price moves remain closely linked to the broader cryptocurrency market led by bitcoin.