SHIB Whale Moves 202.48 Billion Tokens to Coinbase Amid Price Slump Below July High

A significant Shiba Inu (SHIB) whale, linked to Coinbase, recently transferred 202.48 billion SHIB—valued at approximately $2.6 million—back to the exchange, raising concerns among investors about potential profit-taking and its impact on the token’s price [1]. The move marks the first major outflow from the whale’s wallet, labeled “0x7424,” since a two-month accumulation phase involving multiple inbound transfers from Coinbase Prime [1]. The transfer, which occurred roughly 16 hours before the report, has sparked increased market caution, particularly given the whale’s prior strategic buildup of the asset [1].

The SHIB price is currently trading above $0.00001320, reflecting a modest daily gain of 2.87% but remains below its July peak of nearly $0.00001550. Since mid-July, the token has been forming a descending pattern of lower highs, signaling hesitancy among buyers and a lack of strong bullish momentum [1]. Large token movements like this often influence sentiment and may exacerbate volatility, especially in a market that has already shown signs of fatigue [1].

Analysts suggest that if SHIB’s price slips below the critical support level of $0.00001289, it could face further downward pressure. Conversely, a move above $0.00001350 could signal a potential recovery path toward $0.00001500 [1]. The whale’s actions, while not necessarily bearish in isolation, highlight the importance of monitoring key price levels and market depth as the token navigates a period of uncertainty [1].

The event underscores the broader challenge facing SHIB: maintaining bullish sentiment in the face of prolonged consolidation and limited institutional buying. While the token remains a popular meme coin, the recent outflow from a major holder adds to the narrative of profit-taking and strategic repositioning in a market that has yet to show strong signs of a breakout [1].

Source: [1] Shiba Inu (SHIB) Whale Transfers 202.48 Billion Tokens Back to Coinbase, Raising Market Caution (https://en.coinotag.com/shiba-inu-shib-whale-transfers-202-48-billion-tokens-back-to-coinbase-raising-market-caution/)