SHIB Outperforms Bitcoin Despite Sell-Off Fears
Shiba Inu (SHIB) has rebounded 3% from recent lows following a major whale transaction worth $36 million, temporarily outperforming Bitcoin in relative strength. The memecoin recovered from an overnight dip below $0.00001200, despite broader market volatility and a 7.7% correction earlier in the week.
The recovery comes amid investor concerns over a whale movement involving 2.87 trillion SHIB tokens transferred to Coinbase Institutional. However, further analysis identified the transaction as related to market maker custody rather than an imminent sell-off.
Whale Transfer Sparks Concerns, But Market Maker Custody Confirmed
The large transfer initially triggered sell-off fears, as 2.87 trillion SHIB—worth approximately $36 million—moved to a known Coinbase Institutional wallet. Many traders feared a liquidation event, but blockchain data later confirmed the tokens were custodied for liquidity purposes, not immediate sale.
This clarification brought relief to the market and contributed to SHIB’s swift bounce back above the $0.00001220 level.
SHIB Still Down 10% Weekly, Stuck in Bearish Channel
Despite the recent upside move, SHIB remains 10% lower on the weekly chart, trading inside a downward-sloping channel formed by connecting the May 12 and May 23 highs with the May 17 low. This technical structure continues to limit SHIB’s upside potential, with key resistance around $0.00001240.
Key Technical Insights (Last 24 Hours):
- Price Range: Dropped from $0.00001290 to $0.00001190, a 7.7% decline.
- Volume Spike: Sell-off during the 19:00 hour recorded an exceptionally high volume of 2.9 billion SHIB.
- Support Zone: Strong demand emerged near the $0.00001200 level, marking a short-term bottom.
- Recovery Momentum: SHIB climbed to $0.00001241, with notable buying pressure.
- Accumulation Evidence: A significant spike in volume—32.3 billion SHIB—occurred at 07:55, indicating active accumulation.
- Resistance Breached: Price successfully broke through the $0.00001230 resistance in the final minutes of the session.
Key Resistance Ahead as SHIB Eyes Channel Break
SHIB’s rebound suggests short-term bullish momentum, but the token must decisively break above the channel’s upper boundary to confirm a trend reversal.
If accumulation continues and sentiment remains positive, a move toward $0.00001260 or higher could be in sight, though broader market headwinds remain a concern.