Whales Move 1,675,841,120,949 Shiba Inu to Coinbase at Once: Heres What We Know

Intrigue has enveloped the Shiba Inu community as whales recently sent over 1.67 trillion SHIB tokens to Americas largest crypto exchange Coinbase.Market tracking platform Whale Alert first spotlighted the transactions, confirming that exactly 1,675,841,120,949 (1.675 trillion) SHIB tokens moved from three separate whale addresses to a central Coinbase wallet yesterday. Details of the Shiba Inu Movements For context, the Shiba Inu market saw the transfer of 558,613,706,983 (558 billion) SHIB tokens from 0x09f8, an unknown whale address, to Coinbase 10 yesterday at 16:46 UTC. At the time, the tokens were worth $10.418 million.However, at the exact time of this transfer, two more unknown whale addresses, particularly 0x8fa5 and 0xff62, sent the exact same amount to the same Coinbase address. Whale Alert on XWhale Alert on XThis brought the total cumulative assets to 1.675 trillion Shiba Inu tokens, all worth $31.254 million. To put things into perspective, the total tokens moved through these three transactions account for nearly 0.3% of Shiba Inus circulating supply.Due to the magnitude of the transactions, concerns have emerged among investors. These apprehensions stem from the fact that movements to exchanges typically lead to selloffs, and the sale of 0.3% of SHIBs circulating supply could dampen its current growth trajectory.Heres What We KnowNonetheless, an investigation from The Crypto Basic suggests that there is no cause for alarm. A scrutiny of the three addresses show that they might actually belong to Coinbase. This would confirm that the exchange used these transactions to internally shuffle its SHIB holdings.All three whale addresses started receiving the SHIB tokens from September 2021, during the previous bull run. Over the past three years, these addresses continued to receive billions of SHIB from Coinbase wallets, with the latest inflow occurring in June 2024.After accumulating the 558 billion Shiba Inu tokens, each of the addresses then decided to send them back to the Coinbase 10 wallet yesterday. Moreover, Arkham Intelligence shows that the three addresses are Coinbase Deposit wallets, confirming the idea that they belong to the exchange.Possible Shiba Inu Exchange Withdrawal?Following the transactions, all three addresses hold 0 SHIB. Meanwhile, the Coinbase 10 wallet, which received all 1.67 trillion tokens, now holds 243.8 billion SHIB, suggesting it has offloaded most of the assets.In this case, the exchange might have shuffled the assets through another wallet. However, they could also have used the funds to redeem withdrawal requests from their customers, a bullish sign. Data from CryptoQuant confirms that SHIB exchange reserve recently dropped to an all-time low of 137.48 trillion.Shiba Inu Exchange Reserve CryptoQuantShiba Inu Exchange Reserve | CryptoQuantCurrently, Shiba Inu changes hands at $0.00001892, up 12.08% this week. The meme coin is currently building on the latest market-wide upsurge, which has seen Bitcoin (BTC) claim a new peak. At this rate, an increase in exchange withdrawals could bolster SHIBs momentum.

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Coinbase CLO Addresses SEC Adverse Crypto Regulation Using US Election Outcome

Coinbase CLO Paul Grewal references the outcome of the United States election to address the SECs adverse approach to crypto regulation. Grewal, the Chief Legal Officer at San Francisco-based exchange Coinbase, mentioned that voters in the United States expressed a strong desire for change on several issues, including crypto regulations.He encouraged the SEC to change its current crypto regulatory approach to a more favorable stance. Specifically, Grewal called on the SEC to engage directly with crypto-related companies instead of suing them in court. Furthermore, Grewal advised the regulator to initiate rulemaking immediately, which could provide clear regulations for the crypto industry. Over 200 Pro-Crypto Candidates Win Grewals comment is in reaction to the election outcome, which saw voters come out to change the status quo. Prior to the election, crypto enthusiasts expressed support for only pro-crypto candidates across various offices, including the presidency. Earlier today, The Crypto Basic reported that about 238 pro-crypto candidates led the charge in the U.S. Congress elections. While 224 were elected to the House of Representatives, 14 are heading to the Senate. For many crypto fans, the most exciting part of the U.S. 2024 election outcome is Donald Trump's emergence as president-elect. Trumps support for the industry is public knowledge, as he has consistently revealed how he plans to make America the crypto capital of the world. Part of his campaign promises for crypto includes firing SEC Chair Gary Gensler on his first day in office. SEC Operations Under GenslerMany industry stakeholders see Gensler as a major threat to crypto. Under his leadership, the SEC has been aggressive, pursuing multiple enforcement actions against crypto companies. Coinbase is one of the victims of the Gensler-led SEC enforcement action. Last year, the SEC charged Coinbase with violating federal securities laws by operating as an unregistered exchange. A federal judge denied the exchanges request for an early dismissal of the SEC charges in March. The lawsuit could see a major twist in the coming weeks when the more than 200 pro-crypto candidates are sworn into office, coupled with a potentially new SEC administration. Currently, there is speculation that the new SEC administration might review and possibly drop most of the lawsuits against the industry. Whether this would become a reality remains to be seen.

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Coinbase Taps Visa Direct to Enable Real-Time Account Funding and Instant Crypto Purchase

San Francisco-based crypto exchange Coinbase partners with card payment giant Visa to enable real-time deposit and withdrawal of funds for…

The post Coinbase Taps Visa Direct to Enable Real-Time Account Funding and Instant Crypto Purchase first appeared on The Crypto Basic.

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CryptoQuant Analyst, Coinbase CEO Advocate for Countries to Prioritize Bitcoin Over Gold: Heres Why

The Coinbase CEO Brian and a CryptoQuant analyst have explained why it would be more beneficial for countries to prioritize Bitcoin over gold.Discussions surrounding Bitcoin's potential as a reserve asset have gained momentum, particularly after President Donald Trump signed an executive order exploring a digital asset reserve. As a result, industry leaders are now advocating for Bitcoin to replace traditional reserve assets like gold and oil.  Analyst Insists Investors Should Prioritize Bitcoin over GoldAs these discussions gain steam, Axel Adler Jr., a CryptoQuant analyst, recently pointed to Bitcoin's impressive performance against traditional assets as an important factor, contending that it is more economically wise to prioritize Bitcoin over gold.https://twitter.com/AxelAdlerJr/status/1882762003514585598"I see no economic efficiency for investors in putting money into gold," Adler boldly stated. He highlighted that gold has seen a massive decline against Bitcoin in the past years.For context, over the last twelve years, the value of one ounce of gold fell from 732 BTC to 0.02 BTC. According to Adler, if Bitcoin continues to outperform gold at the current rate, the value of gold in Bitcoin terms could become negligible within a decade.  He pointed out that Bitcoin has outpaced gold by an average of 37 times annually. The market analyst believes this trend will inevitably prompt major investors, including bankers and fund managers, to shift their allocations from gold to Bitcoin. BTC Continues to Outpace GoldIn a separate disclosure, Adler also noted that Bitcoin has outshined oil in addition to gold. An accompanying chart shows that in the last six years, gold dropped 91% against Bitcoin, moving from 0.294 BTC per ounce to 0.026 BTC. Oil has faced a similar fate, declining from 0.008 BTC per barrel to 0.0007 BTC per barrel in the same period. Bitcoin Against Gold and Oil | CryptoQuantThe analyst further suggested that Bitcoin's scarcity and ease of purchase in varying amounts contribute to its appeal. According to Adler, these qualities make it particularly attractive to younger investors who are shifting away from conventional assets like gold and oil.  Coinbase CEO AgreesMeanwhile, Brian Armstrong, CEO of Coinbase, noted in a previous commentary that Bitcoin's current market capitalization of around $2 trillion represents roughly 11% of gold's estimated $18 trillion market cap. https://twitter.com/brian_armstrong/status/1882501777578180613Armstrong asserted that Bitcoin holds massive advantages over gold, such as improved security, portability, and divisibility. Notably, unlike gold, which can be difficult to verify for purity, Bitcoin's digital nature ensures transparency and authenticity.  The Coinbase CEO further argued that countries with gold reserves should allocate at least 11% of their holdings to Bitcoin. He believes Bitcoin's market cap will surpass gold within the next decade, making it prudent for nations to establish strategic Bitcoin reserves now. Furthermore, Armstrong added that countries leading in Bitcoin adoption could set a precedent for others, potentially inspiring G20 nations to follow suit. Also, to Adler, the Trump administration's focus on supporting crypto through the "Crypto Capital" agenda could accelerate Bitcoin's adoption.

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Coinbase Endorses the Creation of a US Bitcoin Reserve

Leading cryptocurrency exchange Coinbase has endorsed the creation of a national strategic Bitcoin reserve in the United States. The publicly traded crypto firm officially commended the economic freedom approach in a Friday update. Brian Armstrong, Coinbase CEO, highlighted the benefits of Bitcoin as a reserve asset and urged other nations to adopt the financial tool.Armstrong Endorses Bitcoin ReserveNotably, this is the first time Coinbase has officially commented on the idea of Bitcoin as a strategic reserve asset. According to a blog post first shared exclusively with Axios, Armstrong discussed the potential of an economic transformation with the adoption of Bitcoin.The staunch crypto advocate urged world leaders and policymakers to accelerate economic freedom by adopting cryptocurrencies. Per the post, Armstrong warned that an unwillingness to embrace the emerging sector would be detrimental.Meanwhile, the endorsement followed a string of recommendations from other notable crypto participants. For context, asset manager VanEck endorsed the US Bitcoin stockpile ploy as the plan to create reserve gain momentum.Coinbase Recommends Four Action Plans for CountriesFurthermore, the CEO highlighted four strategic approaches nations should take on digital assets. He advised zealousness in implementation, as it would give an edge in the impending global arms war for digital assets.Armstrong urged countries to first establish legal structures and regulatory frameworks that would allow cryptocurrencies to thrive within their borders. Notably, this disposition is Donald Trumps strategy, which is evident in his ploy to create a crypto advisory council.Next, he recommended creating a strategic Bitcoin reserve. Notably, the concept has started gaining traction among different countries and regions, with Russia, Brazil, and the European Union discussing the innovation.Meanwhile, the Coinbase CEO also advised establishing a special economic zone for the digital asset economy and, finally, improving government efficiency. Interestingly, the US has adopted the last recommendation by creating the Department of Government Efficiency (D.O.G.E.), headed by Elon Musk.Bitcoin Reserve Almost Certain Under TrumpMoreover, with a few days left until his inauguration, emerging reports suggest Trump will almost certainly approve a national Bitcoin stockpile. For context, The Crypto Basic reported yesterday that the 47th US president views cryptocurrencies as a national priority and could issue an executive order to create a Bitcoin reserve on his first day in office.Furthermore, statistics from Americas leading crypto-based prediction market, Polymarket, have shown that the probability of Trump establishing a Bitcoin reserve in 2025 has reached 65%. Meanwhile, Trump is also open to creating reserve assets for other digital assets native to the United States.

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