A significant holder, or ‘whale,’ of the Shiba Inu (SHIB) token has transferred a substantial amount back to the Coinbase exchange, raising concerns about potential selling pressure and price instability.
The whale moved 202.48 billion SHIB tokens, valued at approximately $2.6 million, to Coinbase. This large movement sparked unease among bullish SHIB investors who fear it could precede a sell-off.
Currently, SHIB’s price is holding above the $0.00001320 level, showing a small daily increase. However, the token remains notably below its July high of $0.00001550.
Market dynamics since mid-July have exhibited a pattern of lower highs, signaling buyer hesitation and underscoring the potential for near-term price instability.
Market analysts advise investors to closely monitor SHIB’s price action. A sustained drop below the $0.00001289 support level could trigger further declines. Conversely, a decisive push above the $0.00001350 resistance might signal a potential recovery toward the $0.00001500 range.