SHIB Reaches New All-Time High in This Key Metric

According to X user @Etherscan_$SHIB, the second-biggest meme cryptocurrency in terms of market capitalization value, Shiba Inu, has seen a large increase in the total number of its on-chain holders.

The tweet has reported that on June 7, this major metric of $SHIB has reached a historic peak of 1,510,290 - “the highest ever recorded!” the tweet says, “$SHIB continues to grow with unstoppable momentum.”

Compared to the last week of May, the growth registered now constitutes slightly more than 3 million with the metric showing 1,507,310 back on May 24.

Trillions of $SHIB poured to Coinbase this week

According to the popular blockchain tracker Whale Alert, this week, three massive chunks of more than 2 trillion $SHIB coins each were transferred to the institutional branch of the major US cryptocurrency exchange Coinbase – Coinbase Institutional.

Eleven hours ago, the platform was hit with a 2,542,712,471,794 $SHIB transfer worth $31,651,684. On June 5, 2,869,483,918,550 $SHIB valued at $36,603,136 was deposited into the same exchange. A similar $SHIB chunk was also transferred there a few days before that, which now bring it to roughly 7.5 trillion Shiba Inu hitting Coinbase Institutional this week.

All three transactions were made from wallets which Whale Alert tagged as unknown. Since this the destination was Coinbase Institutional, it is likely that a large crypto whale was preparing a major $SHIB sell-off, deciding to cut down his $SHIB position radically.