- A whale withdrew 105.866 billion SHIB tokens from Coinbase, worth nearly $2 million, in three large transactions.
- Shiba Inu’s price surged briefly, breaking out of a tight range, with bullish technical indicators supporting further gains.
In the past 24 hours, cryptocurrency exchange Coinbase has witnessed a substantial withdrawal of Shiba Inu (SHIB) tokens, leaving market analysts and investors on edge. As reported by Arkham Intelligence, an unknown whale with the wallet address “0x12F72” has withdrawn 105.866 billion SHIB tokens from Coinbase. At the current market price, this is equivalent to $1.99 million.
The large withdrawals were made in three major deals. The first one took place when 13.29 billion SHIB tokens, equivalent to $253,330, were moved from Coinbase’s hot wallet. This was followed by a much larger movement of 67.257 billion SHIB tokens.
The last withdrawal, which was made a few hours before the release of the report, marked the last in the series of transactions. The whale’s newly created wallet, which has not appeared in the on-chain data before, increases the complexity of these transfers.
It remains unclear who this major player is – whether it is an individual investor or an attempt by Coinbase itself. What is still quite obvious is that the whale is very much bullish on the meme-based coin, as demonstrated by the number of tokens it has withdrawn.
Bullish Momentum Building for SHIB
After the large withdrawals, the price of SHIB fluctuated. For the past week, SHIB had been trading within a very tight range of $0.0000175 to $0.000019, and a breakout to $0.00001933 occurred. This price change, however transient, attracted the attention of the traders.
Even though the activity of whale has decreased, analysts are trying to guess what the whale will do next, whether they will buy or sell more. According to data on exchange transactions, SHIB netflows have spiked, with 321 billion tokens being transferred to exchanges, the highest within a week. This could be an indication that some SHIB holders are preparing to sell, which can result in changes in the price of SHIB.
However, technical analysis suggests that SHIB is still in the bullish zone. A symmetrical triangle pattern has been developed on the daily chart to suggest that buyers are regaining control.
The Awesome Oscillator has also given a buy signal as the histogram has turned green indicating that the bulls are taking charge. The Relative Strength Index (RSI) also suggests bullishness at 61, but it has been fairly range-bound.
A price breakthrough of the symmetrical triangle could lead SHIB to the next resistance level of $0.00001915, which is in line with the 100% retracement level of the Fibonacci. On the flip side, if the breakout fails, SHIB will most probably revisit the support region of $0.0000179.
The market is still quite bullish, with Coinglass data indicating that 51% of traders have open longs on SHIB compared to 49% the day before. Open short positions has also reduced, this is an indication that more investors are becoming bullish on the price trend of the token.
