Coinbase has processed a series of significant SHIB transfers totaling 1,265,207,242,406 tokens, valued at approximately $12.7 million. According to Arkham data, these transactions occurred over two days in large blocks, with Coinbase acting as the counterparty for both inflows and outflows. This pattern suggests internal routing rather than external whale activity. The destination wallets involved in these transfers had no prior transaction history and were used only once before being emptied. Although these movements did not impact SHIB's market capitalization, they temporarily affected liquidity visibility on the exchange and blockchain monitors.