A previously inactive Ethereum wallet has emerged from dormancy with a massive cryptocurrency acquisition, purchasing 472.3 billion Shiba Inu (SHIB) tokens valued at approximately $4 million in a single transaction. Blockchain intelligence platform Arkham tracked the transfer, which originated from Singapore-based cryptocurrency exchange Coinhako's hot wallet.
The recipient address, identified as "0xde6d...ceee8," instantly became one of the largest SHIB holders, with the wallet's total digital assets now valued at over $12.2 million. SHIB now represents over 32 percent of the wallet's total holdings, indicating strong conviction in the meme token's prospects.
The SHIB transfer occurred alongside another significant deposit to the same wallet: 2,122 ETH worth approximately $7 million in a parallel transaction. This dual acquisition suggests deliberate portfolio construction focused on Ethereum-based digital assets and marks a substantial departure from the wallet's historical pattern of smaller holdings in various altcoins.
Technical indicators for Shiba Inu have shown promising developments recently, with a golden cross formation appearing between the 23-day and 50-day moving averages earlier this week. Analysts identify $0.00001102 as the next key resistance level if buying pressure continues, though the meme coin sector has experienced reduced capital inflows recently, creating uncertainty around near-term price action.
The Coinhako origin provides clues about the entity behind this transaction, suggesting the recipient may have ties to Singapore, which has established itself as a prominent jurisdiction for cryptocurrencies. The wallet's identity remains unknown despite blockchain transparency, with no public figures or entities claiming ownership of the address.
