Shiba Inu (SHIB) Price: Whale Accumulates 500 Billion Tokens During Market Pullback

TLDR

SHIB dropped 13% over two days from its September 13 high of $0.00001484 to test key support at $0.00001297 Anonymous whale withdrew 500 billion SHIB tokens worth $6.7 million from exchange to cold storage Token hit crucial support at the daily SMA 200 level around $0.00001298 after falling 4.82% on Monday Broader crypto market saw $425 million in liquidations with meme coins among the hardest hit Technical analysis suggests 155% upside potential if SHIB breaks above trend line resistance at $0.00001450

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Shiba Inu has experienced a sharp two-day decline that brought the meme coin to test crucial technical support levels. The token fell from its September 13 high of $0.00001484 to an intraday low of $0.00001297 on Monday morning.

Shiba Inu (SHIB) Price

The selloff began Sunday when SHIB closed the session down 4.2%, hitting $0.00001369. Monday’s trading session worsened the decline with an additional 4.82% drop according to CoinMarketCap data.

Prior to this pullback, Shiba Inu had gained momentum with seven consecutive days of increases starting September 6. From the recent peak, the token has now fallen 13% within just two trading days.

The decline comes as the broader cryptocurrency market faced pressure from macroeconomic concerns and profit-taking activity. Total liquidations across crypto assets reached $425 million in the past 24 hours based on CoinGlass data.

Meme coins bore the brunt of Monday’s selloff. Dogecoin dropped 7.91% over 24 hours while PEPE and Bonk each posted losses near 7%. Shibarium gas token BONE fell 4.19% following a weekend bridge incident that resulted in $2.4 million in token losses.

Despite the market turbulence, whale activity suggests institutional interest remains strong. Arkham Intelligence data reveals that wallet address 0x2…B0c6 withdrew over 500 billion SHIB tokens from an exchange.

Source: Arkham

The massive withdrawal moved 510.4 billion SHIB worth approximately $6.7 million into cold storage. Such moves typically indicate long-term accumulation strategies by large investors.

Technical Analysis Points to Key Support Test

The current price action has brought SHIB to test support at the daily SMA 200 level around $0.00001298. This technical indicator represents a crucial battleground for the token’s near-term direction.

If SHIB successfully holds above this support level, the token could attempt a recovery toward $0.000013. A sustained bounce might target the $0.000014 level and eventually challenge the recent $0.00001484 high.

However, a breakdown below current support would expose the next level at $0.00001279. This price coincides with the daily SMA 50 ahead of deeper support at $0.00001181.

Market Catalysts Could Drive Recovery

The timing of the whale accumulation comes ahead of the planned launch of the first Dogecoin ETF in the US by REX-Osprey. This development could spark renewed interest across the broader meme coin sector.

Source: TradingView

Additionally, markets are anticipating a 25 basis point Federal Reserve interest rate cut this week. Such monetary policy moves typically encourage investors to seek higher-yield opportunities in risk assets.

Technical analysis suggests SHIB offers 155% upside potential if it can break above trend line resistance at $0.00001450. The $0.00001200 zone serves as the main support level to monitor for any potential bounce.

A confirmed breakout above the trend line resistance could signal the start of SHIB’s next major upward move. The target for such a rally would be $0.00001750, with potential extension to the previous swing high of $0.00003400.

Current market conditions show SHIB testing the $0.00001298 support level after Monday’s decline brought renewed selling pressure to meme coin markets.

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