A recent influx of nearly $100 million worth of Shiba Inu (SHIB) coins onto Coinbase has sent shockwaves through the crypto community. The sudden arrival of 4.29 trillion SHIB coins from 10 different wallets has raised concerns about a potential dump, but the true intentions behind this massive transaction remain unclear.

The Mysterious Wallets

The wallets that made these transactions have been dormant for quite some time, with two distinct accumulation phases in September 2021 and March 2024. If these coins were sold all at once, the traders would make a staggering profit of over $41 million, according to estimates by The Data Nerd.

The Bull Run Awaits

Crypto analyst Coach K Crypto believes that the current price movement is reminiscent of SHIB's early days, which saw a significant surge from September 2021 to April 2022. He advises that the current price dip is a sign that the next bull run is imminent.

The Market's Mixed Signals

While the large deposit on Coinbase typically signals an intention to sell, the recent trend in SHIB's large holder concentration, large transactions, and network growth suggests that the coin is not experiencing a distributional trend. According to IntoTheBlock, SHIB has seen a positive outbreak in these areas.

The Future of SHIB

As one of the top 10 cryptocurrencies and a potential contender to overtake Dogecoin, SHIB's future is closely watched. Despite the recent price drop, SHIB has shown gradual growth throughout the year, with a 229% upswing over the past 365 days.