SHIB Tackles Sell Wall as Whale Acquires 692B SHIB

Shiba Inu bumps into a hefty selling wall amid the latest attempt to resurface above $0.00003.

Shiba Inu riding a whale under water.
Created by Gabor Kovacs from DailyCoin
  • Shiba Inu whipped up 3% daily gains amid Ether’s surge past $3.6K.
  • Whale shuffles $19.26M worth of SHIB tokens during SHIB’s daily lows.
  • Shiba Inu sees $74.23M in pending sales, outsourcing bids by $20 million.

Shiba Inu (SHIB) started the week with upward momentum, rising 4% over the past 24 hours. Towering towards $0.00003, Shiba Inu’s latest price movement comes along with Ether’s (ETH) successful break past $3.6K on Monday afternoon.

Shiba Inu’s Obstacles on the Way Up

Notably, a massive crypto whale has been spotted moving 692,400,000,000 SHIB tokens from to a decentralized on-chain wallet. Making the move on SHIB’s daily price lows at 3 AM UTC, this whale still holds the relocated SHIB funds, worth $20,197,319.07 at press time.

Since the hefty transaction, Shiba Inu picked up 3% gains to challenge the resistance zone of $0.000033 but faced a slight rejection to key support at $0.00002907. However, the biggest challenge ahead underlies the resistance at $0.000036, according to IntoTheBlock.


This SHIB price level depicts a multi-trillion SHIB sell wall, which phases out to $0.000056. However, as Shiba Inu currently resides above $0.000029 support, the combined order book liquidity points to a nearly $20 million gap between pending sells and bids.

SHIB Forms Double Bottom Pattern

As SHIB was still trading in phased consolidation last weekend, several crypto charters noticed that SHIB had started forming a double-bottom pattern on the daily charts. To illustrate, crypto analyst Andrew Griffiths named the first hurdle at $0.00002960, a resistance line unseen since April 1.


If SHIB succeeds in closing the day above this level, the analyst believes the price range between $0.00003050 to $0.00003200 to present the first blockage due to many day traders attempting to take profits at this SHIB price range. If SHIB overcomes this challenge, the biggest sell wall awaits at $0.00003455, continuing until $0.000036.

On the other hand, SHIB could backtrack to $0.00002375 in a bearish scenario, which would wipe out most of its rally gains earned last month with a $0.000044 yearly peak on March 5.

On the Flipside

  • The whale is likely to be a representative of BitGo, a digital trust fund and security firm based in Palo Alto, California.
  • While SHIB is now the largest dollar-value asset in the wallet, the whale also holds $1.41M of Pepe (PEPE) and $682K worth of Floki (FLOKI).

Why This Matters

Whale transfers from crypto exchanges to self-custodial wallets usually signify an accumulation phase, while technical indicators decipher the crypto price movement.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.