Shiba Inu resurges 3% after $36M Whale transaction shakes the market
Signal of Rise or False Hope?
#shibaInu , the second #memecoin largest by market capitalization, has shown signs of recovery by rising 3% from its overnight lows of $0.0000119, reaching $0.00001241, outperforming Bitcoin in the last 24 hours.
This bounce comes after a 7.7% correction on Thursday, which found strong support at $0.0000120, backed by above-average accumulation volume.
A massive transaction of 2.87 trillion of #SHİB ($36 million) to Coinbase Institutional initially generated fears of a massive sell-off, but it was confirmed to be a custody move by a market maker, not a whale liquidation.
Despite this recovery, SHIB remains 10% below its weekly value and remains trapped in a bearish trend channel, defined by the highs of May 12 and 23 and the low of May 17. Investors should monitor overall market pressures and SHIB's ability to break this bearish trend, while its community and developments like Shibarium and ShibaSwap could drive a future rebound.
