Shiba Inu (CRYPTO: SHIB) climbed back to 31st in the crypto market rankings after Coinbase (NASDAQ:COIN) moved 1.16 trillion SHIB tokens between internal wallets.
What Was The 1.16 Trillion SHIB Move About?
Blockchain data from Arkham Intelligence showed Coinbase moved the tokens across three newly created wallets with no prior transaction history, without touching the spot market order book at all.
Crypto analyst LuckSide Crypto said in a YouTube video the transfer is routine internal custody management, not a selling signal.
The three transfers broke down as 573 billion SHIB from an unmarked wallet, 242 billion SHIB, and 348 billion SHIB.
LuckSide Crypto noted that exchange supply overall keeps falling, which he views as a long-term constructive sign regardless of the size of the internal movement.
Moreover, SHIB recently fell as low as 33rd in the crypto market rankings before climbing back to 31st, recovering ground as selling pressure eases.
Is Selling Pressure Actually Easing?
SHIB’s daily volume has dropped from around $100 million to the $50 million to $70 million range while price has been trading sideways, a sign the heavy capitulation selling from earlier this year is starting to flatten out.
The analyst said that whale wallet counts continue rising even as price has not followed, a setup that typically precedes accumulation phases rather than fresh breakdowns.
He noted the June lows were some of the most oversold readings SHIB has produced in its history, comparable only to August 2024.
Key catalysts to watch next week include the Clarity Act Senate floor vote, an FOMC meeting, and a PCE inflation report, all of which could inject volatility into the broader crypto market and directly impact SHIB’s next directional move.
Is Shiba Inu Price Showing Signs Of A Bullish Reversal?
SHIB remains in a bearish trend structure with the 20-day SMA below the 50-day and the 50-day below the 200-day, keeping the path of least resistance pointed down.
The token is down 70% over the past 12 months, which means any bounce faces overhead supply quickly.
MACD sits above its signal line with a positive histogram, an early sign that downside pressure is easing even if the bigger trend has not flipped yet.
Moreover, SHIB has tested its 20-day moving average every session this week and been rejected each time, with the $0.00000504 level acting as the key support zone to watch on any pullback.
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