A large-scale movement of Shiba Inu (SHIB) tokens has captured the attention of crypto traders and analysts. According to Whale Alert, 2,542,712,471,794 SHIB tokens, valued at around $31.65 million, were transferred from an unknown wallet to Coinbase Institutional in a single transaction.
Evidence from the transaction suggests that the transfer to Coinbase Institutional was not aimed at an immediate sell-off. It is more commonly connected with ownership by a primary holder or big institution. This type of behavior usually helps a company plan its placement in the market for the long term rather than fast responses.
Due to the manner in which the tokens have been divested, more people are wondering if SHIB is ready for another big move. Since the tokens are now securely held by a prominent institution, many will watch the occurrence of possible large trades.
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SHIB Gains Strength at Key Support Despite Ongoing Bearish Channel
Notably, the SHIB market responded to the event with renewed interest. After experiencing a three-day decline that started on June 3, SHIB recovered from its support level near $0.0000119. The rebound was supported by above-average trading volume, indicating strong buyer presence at that price zone.
In the 24 hours that passed after the transfer, SHIB went up 3.10 percent to $0.00001282. Even though the weekly chart trend is down, the market is still showing a 3.70 percent rise.
Currently, SHIB remains in a downward channel shaped by May highs and a mid-May low. At $0.00001389, analysts have spotted resistance, stating that it is very close to the daily 50-day simple moving average. A different challenge now is at the 200-day simple moving average, which comes in at $0.00001745.
The recent increases in digital tokens and SHIB’s stable prices might suggest that a significant reversal or change in the market is about to take place. Yet, the price has to break through resistance levels before it can be confirmed as heading upward.
Conclusion
The transfer of over 2.5 trillion SHIB to Coinbase Institutional suggests a strategic move by a large player. With SHIB showing signs of resilience and technical indicators aligning, traders are closely watching for what could be the subsequent significant price development.
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