Shiba Inu Outpaces Bitcoin After $36M Whale Transfer Triggers Recovery Rally
Shiba Inu (SHIB) has posted a 3% rebound from overnight lows, outperforming Bitcoin (BTC) in the wake of a multi-billion token whale transaction that initially rattled markets before being clarified as market-maker-related activity.
SHIB slipped as much as 7.7% on Thursday, hitting a low of $0.00001190 during a high-volume sell-off. The memecoin later rebounded, climbing to $0.00001241 by Friday morning, per CoinDesk data. The move helped SHIB outperform BTC, which remained relatively flat over the same period.
Whale Transaction Sparks Volatility, Then Confidence
Market anxiety was triggered after a 2.87 trillion SHIB transfer (worth roughly $36 million) was spotted moving to Coinbase Institutional. While initial speculation pointed to a potential liquidation, CoinDesk’s AI analysis later identified the transfer as custody-related activity by a market maker—not an intent to sell, helping soothe investor fears.
Price Structure: Bounce Within a Downtrend
Despite the rebound, SHIB remains 10% lower on the week and continues to trade within a downward-sloping channel defined by the May 12 and May 23 swing highs and the May 17 low.
AI-driven technical insights over the last 24 hours provide further clarity:
- SHIB dropped from $0.00001290 to $0.00001190 during a sharp sell-off, accompanied by 2.9B in volume at 19:00 UTC.
- Support held firmly at $0.00001200, forming a short-term demand zone with rising accumulation.
- An ascending support line emerged during the recovery, with SHIB stabilizing near $0.00001220, roughly 4.9% above the local low.
- A surge in buying was recorded at 07:55 UTC, with volume hitting 32.3B, marking a clear accumulation phase.
- SHIB also breached key resistance at $0.00001230, strengthening the bullish short-term setup.
Outlook
While SHIB’s recovery above key support zones is encouraging, the memecoin remains vulnerable within its longer-term bearish structure. A sustained breakout above the upper boundary of its descending channel would be required to confirm a broader trend reversal.
