[DigitalToday reporter Jinju Hong] Coinbase moved 1,163,213,299,134 Shiba Inu (SHIB) tokens in three transfers over about 30 minutes. The large amount moved, but it was confirmed as transfers between the exchange’s internal wallets, prompting analysis that it is far from market selling.

On July 23 (local time), blockchain media outlet Decrypt reported that on-chain data firm Arkham Intelligence confirmed Coinbase distributed 1,163,213,299,134 Shiba Inu tokens to three new wallets.

All transfers were made from a Coinbase Prime Custody wallet. In the first transaction, 242,132,753,815 Shiba Inu tokens moved from wallet address 0x674 to a new wallet. It was followed by a transfer of 348,080,545,216 tokens from address 0x937 to another new wallet.

The largest transaction was for about 573 billion tokens. The tokens were withdrawn from address 0xa59, and blockchain analysts see this as another internal Coinbase transfer based on timing and patterns.

All three transactions were completed within about 30 minutes. Analysis says it is difficult to view the move as indicating market buying or selling. The transferred tokens moved to new wallets presumed to be managed by Coinbase, and no further withdrawals or transactions had been confirmed from those wallets as of the time of writing. Decrypt said the transfers were likely wallet reallocation for internal exchange operations rather than trades stemming from customer orders.

Large exchanges and custody firms often spread large digital assets across new wallets to strengthen security, manage liquidity and improve operational efficiency.

This case is also interpreted as an internal wallet rebalancing for the same purpose. Some assessments say it is similar to a recent case in which Binance moved about 400 billion Shiba Inu tokens between internal wallets. At the time, the market detected a large move, but it was ultimately concluded to be an internal reallocation for exchange operations.

Shiba Inu is also seeking to move up in market capitalisation rankings. Its market capitalisation is currently about $2.49 billion, ranking 31st globally among cryptocurrencies. The gap with 30th-ranked Tether Gold (XAUT), at about $2.52 billion, is not large.

The market is watching for actual inflow and outflow trends and changes in trading volume, as the large on-chain move is being interpreted as an operational step by an exchange rather than a selling signal.