- Whale relocates 425 billion $SHIB tokens to Coinbase, causing a sell-off.
- Shiba Inu (SHIB) faces a 3.5% market correction after the Ethereum ETF news.
- 100 exponential moving average (EMA) notes a bullish crossover pattern.
The debut of two Ether-based Futures ETFs has sparked a bull run for most altcoins, but the trend has barely touched popular memecoin Shiba Inu (SHIB). On the technical side, SHIB doesn’t showcase any bullish indications besides holders making a profit slightly increasing due to minimal weekly gains.
The delay in SHIB’s price movement is linked to Ethereum’s dismal movement in both price and trading volume, despite the major breakthrough. However, Shiba Inu’s bull run was rejected at the neckline resistance at $0.00000752 for the fifth time since last month. Fetching just 0.3% gains in the last seven days, SHIB now has minor ascending trendline support at the price level of $0.00000735.
Crypto Whale Shifts $3.2M SHIB to Coinbase
An unexpected move by a large crypto whale recorded on the blockchain suggests that 425 billion of the canine tokens were transferred to Coinbase. Totaling $3.2 million, Shiba Inu tokens were worth $0.00000755 at the time, according to EtherScan.
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This could have triggered the price drop in the daily charts, as $SHIB is changing hands at $0.00000726, facing a 3.5% market correction. Tackling the 50 Exponential Moving Average (EMA), Shiba Inu’s market price has to uphold the lower 100 EMA at $0.00000737 in order for the bullish crossover to crop up.
Big crypto whale sell-offs like this usually have a negative effect on the altcoin’s price. However, the on-chain concentration signals remain at a neutral level, mostly due to the success of Shibarium. Shiba Inu’s Layer-2 scaling solution delivers twice as large total value locked (TVL) than big players like Solana & Base L1 a month since launch, according to DeFiLlama.
On the Flipside
- The official Shiba Inu burn tracker Shibburn reported a slight daily increase in $SHIB burns.
- The largest burn concludes with 52,000,565 $SHIB tokens being sent to the bottomless pit.
Why This Matters
Shiba Inu is among the top-watched altcoins this year due to the launch of Shibarium L2.
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