$36M Whale Transfer Shakes Shiba Inu — But Smart Money Sees an Opportunity
On Thursday, Shiba Inu (SHIB) faced a wave of panic after blockchain trackers picked up a massive transfer: 2.87 trillion SHIB, worth roughly $36 million, moving to Coinbase Institutional. Traders braced for impact. Was this a major holder offloading? A coordinated dump?
SHIB tumbled fast, dropping nearly 8% to a low of $0.00001190. But then, something unexpected happened.
The market reversed.
A Sell-Off That Wasn’t
It turns out, the giant transfer wasn’t a sell at all. AI-led forensics revealed the wallet belonged to a market maker, and the movement was part of routine custody rebalancing — not an exit. Once that news hit, sentiment flipped.
Smart traders — perhaps those tracking on-chain activity closely — started stepping in. SHIB rebounded to $0.00001241 by early Friday, a sharp 3% recovery that left Bitcoin trailing in relative terms.
Chart Signals: Damage Controlled, But Not Cleared
Technically, SHIB still has work to do. It remains locked in a descending channel that began in mid-May. The bounce looks solid, but unless bulls can break above the upper trendline (near $0.00001290), this is still just a pause in the downtrend.
However, signs of strength are emerging:
- Strong demand reappeared at $0.00001200, now acting as a key support zone
- Accumulation volume spiked to 32.3B at 07:55 UTC
- SHIB closed above minor resistance at $0.00001230, suggesting buyer control in the short term
The Bigger Picture
Memecoins may be driven by hype, but smart money follows data — and this week’s whale scare turned out to be a signal, not a threat. If SHIB can clear $0.00001290, it could mark the beginning of a trend shift. Until then, caution and tight stops are still warranted.
Sometimes, what looks like fear… is just friction before the pivot.
