A previously inactive Ethereum wallet has emerged from dormancy, acquiring a massive amount of cryptocurrency. The address received 472.3 billion Shiba Inu tokens valued at $4 million in a single transaction, instantly transforming it into one of the largest SHIB holders.
Blockchain intelligence platform Arkham tracked the transfer, which originated from Coinhako’s hot wallet. The recipient address, identified as “0xde6d…ceee8,” now controls digital assets worth over $12.2 million.
The timing and scale of this movement have captured attention across cryptocurrency markets. SHIB trades near $0.00000826, down 2.47% over the last 24 hours.
SHIB’s price action over the past 24 hours (Source: CoinCodex)
Coordinated Asset Accumulation Signals Strategic Shift
The SHIB transfer occurred alongside another significant deposit. The same wallet received 2,122 ETH in a parallel transaction worth approximately $7 million. This dual acquisition suggests deliberate portfolio construction focused on Ethereum-based digital assets.
Source: Arkham
The wallet’s historical activity shows a pattern of smaller holdings in altcoins. Previous acquisitions included tokens such as ASTER, ONDO, and BASED over the past year. However, today’s coordinated influx marks a substantial departure from that approach.
SHIB now represents over 32 percent of the wallet’s total holdings. This concentration indicates strong conviction in the meme token’s prospects. The shift from diversified small-cap positions to substantial SHIB exposure demonstrates changing investment priorities.
Technical indicators for Shiba Inu have shown promising developments recently. A golden cross formation appeared between the 23-day and 50-day moving averages earlier this week. This pattern typically signals potential upward momentum in traditional technical analysis frameworks.
Analysts identify $0.00001102 as the next key resistance level if buying pressure continues. Breaking through this threshold could trigger additional upward movement. However, the meme coin sector has experienced reduced capital inflows recently, creating uncertainty around near-term price action.
Singapore Connection Raises Questions About Identity
The Coinhako origin provides clues about the entity behind this transaction. Coinhako operates as a Singapore-based cryptocurrency exchange, suggesting the recipient may have ties to the Southeast Asian financial hub.
Singapore has established itself as a prominent jurisdiction for cryptocurrencies. The city-state attracts high-net-worth individuals and institutional players seeking regulatory clarity. These connection points toward a sophisticated investor rather than retail speculation.
The wallet’s identity remains unknown despite blockchain transparency. No public figures or entities have claimed ownership of the address. This anonymity is common among large cryptocurrency holders who prefer operational security.
Source: https://coinpaper.com/13820/dormant-ethereum-wallet-wakes-up-with-4-m-shib-buy-price-surge-incoming
