Shiba Inu whale withdraws 165.37 billion tokens, sparking market unrest Read CoinChapter.com on Google News
Lucknow (CoinChapter.com)— Shiba Inu (SHIB) made headlines again as a mysterious whale withdrew a staggering 165.37 billion tokens from Coinbase, according to Arkham Intelligence.
The “0x73f8” address, with no prior activity, moved $2.26 million worth of SHIB in three separate transactions, the latest totaling 97 billion SHIB. This large-scale withdrawal sparked speculation and unease in the market, echoing similar movements seen in other meme coins like DOGE.
Whale Activity and Market Implications
The recent whale activity in Shiba Inu closely mirrors the behavior of DOGE whales. Large, sudden withdrawals from major exchanges often signal a shift in market sentiment, typically indicative of significant price movements.
In SHIB’s case, the 165.37 billion tokens withdrawn from Coinbase could suggest that the whale anticipates future volatility or a potential downturn.
Shiba Inu supply on exchanges and supply held by non-exchange addresses. Source: Santiment
The charts reveal a troubling trend for SHIB. Despite a steady decrease in the supply held on exchanges—a signal that typically indicates bullish sentiment—SHIB’s price has continued to decline. This divergence suggests that the market remains bearish, even as large holders move their assets off exchanges, perhaps anticipating further drops.
The accumulation by top non-exchange addresses, highlighted by the steady increase in holdings, also reflects this cautious approach. While these large holders (whales) accumulate more SHIB, the market has not responded positively, indicating a disconnect between whale activity and broader investor sentiment.
The declining participation of smaller holders further emphasizes their lack of confidence in SHIB’s short-term potential, as evidenced by their reduced holdings.
Shiba Inu supply distribution.
The decline in supply among mid-tier holders (10,000 to 100,000 coins) adds another layer of concern. These holders typically represent a more stable investor base, yet their sell-off points to a broader lack of confidence in SHIB’s recovery prospects.
Large holders (10 million to 100 million coins) have experienced the most substantial decline, signaling that even significant players may be preparing for further downside or potential market shifts.
This pattern mirrors the recent DOGE whale activity, where large withdrawals preceded notable price adjustments, leaving retail investors vulnerable to sudden market shifts.
SHIB’s Struggles With Bears Not Over Yet
SHIB prices are failing to mount a challenge against the bears, with the SHIB USD pair dropping nearly 3% to reach a daily low near $0.00001347. Although bulls are trying to mount a defense, it seems they are largely failing.
SHIBUSD daily price chart with RSI. Source: Tradingview
However, for the SHIB USD pair to paint a rally, the memecoin would need to climb above the 20-day EMA (red wave) resistance near $0.0000148. Once SHIB price flips the immediate resistance, the Shiba Inu token would find the impetus to target the resistance near $0.000016.
On the other hand, failure to start a rally might force SHIB price to drop to the support level near $0.000013. Moreover, failure of the immediate support level might force the SHIB USD pair to test the support near $0.000012 before recovering.
The relative strength index for SHIB remained neutral, with a score of 38.53, indicating the token could fall some more before it becomes oversold.
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