Dormant Ethereum Wallet Accumulates $4M SHIB and $7M ETH — Possible Whale Move from Coinhako
A previously dormant Ethereum wallet resumed activity after receiving a coordinated transfer from Singapore exchange Coinhako: 472.3 billion Shiba Inu (SHIB) worth about $4 million and 2,122 ETH (~$7 million). Blockchain tracker Arkham reports the combined deposit raised the wallet’s holdings to roughly $12.2 million, with SHIB now accounting for more than 32% of the balance. The address’s history shows smaller-cap altcoin purchases (ASTER, ONDO, BASED), but the simultaneous SHIB and ETH inflows indicate a shift toward concentrated Ethereum-based exposure or a custody movement by an exchange. SHIB trades near $0.000008–$0.000009 and recently formed a golden cross between the 23- and 50-day moving averages; analysts mark $0.00001102 as the next clear resistance. For traders, the transfer signals potential whale accumulation that could increase SHIB liquidity and short-term volatility. Monitor on-chain flows, wallet behavior, and the noted resistance level for trade entries or exits. Relevant keywords: SHIB, Coinhako, whale, Ethereum, Arkham.
Bullish
The coordinated deposit of a very large SHIB allocation (472.3 billion tokens) alongside a substantial ETH transfer into a previously dormant wallet is a classic indicator of whale accumulation or strategic reallocation. For SHIB specifically, this news is likely bullish because: 1) the size of the SHIB inflow materially increases on-chain demand and can reduce circulating supply available to smaller buyers in the short term; 2) whale accumulation often improves market sentiment and can trigger momentum-driven buying among retail traders; and 3) the timing around a technical golden cross (23- vs. 50-day MA) increases the probability that traders view SHIB as poised for a near-term upside test of resistance at ~$0.00001102. Short-term impact: elevated volatility and potential upward price pressure as other market participants react to the whale move and adjust positions. Watch for quick profit-taking or liquidation events that could cause sharp pullbacks. Long-term impact: neutral-to-moderately bullish unless the whale distributes holdings back into the market; sustained accumulation across multiple on-chain events would be more structurally bullish. Also consider the possibility that these are custody transfers by Coinhako rather than speculative accumulation—if so, market impact will be muted. Traders should monitor subsequent on-chain flows from this wallet, order-book liquidity around key levels, and overall market conditions before positioning.