Whale Withdraws $2.43M in SHIB, Signals Potential 55% Price Surge

A mystery wallet has recently withdrawn a total of $2.43 million worth of SHIB from Coinbase, marking a significant shift in investor behavior. This move suggests that the near-term price outlook for Shiba Inu, which has been consolidating within a narrow range since February, could soon change. The unknown whale transferred 111.5 billion SHIB on top of the 96 billion SHIB moved the previous day, according to Arkham Intelligence explorer. This behavior typically signals a shift towards HODLing, with investors opting for self-custody, indicating long-term bullishness for SHIB.

The recent whale move follows a breakout from the descending channel that has guided Shiba Inu’s price since its mid-May local top. While the post-breakout momentum has stalled at the $0.000012 resistance, the setup points to a potential 55% move higher to retest the consolidation range resistance at $0.0000177. However, SHIB now risks a false breakout as it retests the channel’s upper trendline as support. Momentum indicators remain bullish, but the balance is fragile. The MACD line holds a narrow lead above the signal line after a golden cross—the first since mid-May—suggesting a short-term uptrend may be forming. However, the RSI reflects a lack of conviction from buyers, despite an uptrend signaling accumulation, the RSI has struggled to break above the neutral 45 line. If SHIB falls back below the trendline, the failed breakout would open the door for a 12% drop to retest the consolidation range support around $0.00001.

Shiba Inu has been fading into the background for months while traders chased newer narratives. On the meme coin scene, attention is what drives upwards moves. This shift in investor behavior, coupled with the recent whale activity, suggests that Shiba Inu could be poised for a resurgence in the near term. The mystery wallet's actions indicate a potential change in the market sentiment, which could lead to increased interest and investment in SHIB. However, the current market conditions remain fragile, and the outcome of this shift in behavior is yet to be seen. Investors should closely monitor the market trends and indicators to make informed decisions about their investments in Shiba Inu.