SHIB Outperforms BTC Despite Market Volatility
Shiba Inu (SHIB) has staged a 3% recovery from overnight lows below $0.00001200**, surpassing Bitcoin’s performance. This rebound follows a **$36 million whale transaction that initially spooked investors but was later clarified as institutional custody activity.
Key Market Movements
- 7.7% Correction: SHIB dropped to $0.0000119** on Thursday before bouncing back to **$0.00001241.
- Whale Transaction: A transfer of 2.87 trillion SHIB to Coinbase Institutional triggered temporary market fears, though it involved a market maker’s custody operations.
- Weekly Performance: SHIB remains 10% down for the week, constrained by a downward-trending channel (highs: May 12–23; low: May 17).
Technical Insights
- Support Level: Strong demand emerged at $0.0000120, backed by high accumulation volume.
- Resistance Breakthrough: SHIB breached the $0.0000123 resistance zone in the final trading hour.
- Recovery Pattern: An ascending support trendline formed during the rebound, with prices stabilizing 4.9% above the period low.
👉 Why This Matters: Whale activity often signals market sentiment shifts. Learn how institutional moves impact crypto trends.
FAQ: Shiba Inu’s Market Position
Q1: Is SHIB’s recovery sustainable?
A1: While short-term rebounds are encouraging, SHIB’s downward channel and broader market pressures suggest cautious optimism.
Q2: What caused the $36M whale transaction?
A2: The transaction was linked to institutional custody, not a sell-off, reducing immediate bearish concerns.
Q3: How does SHIB’s volume affect its price?
A3: High volume at key levels (e.g., 32.3B at $0.0000122) indicates strong trader interest, often preceding volatility.
👉 Pro Tip: Always cross-check whale alerts with custody explanations. Explore crypto custody solutions.
Data sourced from CoinDesk; analysis reviewed by human editors.
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