- SHIB dropped 13% after a $70M transfer from Coinbase to an unknown wallet.
- SHIB’s Price hovers above key support; a break could trigger deeper losses near $0.00001200.
- SOPR data shows holders aren’t panic-selling, with October’s bullish trend offering hope.
Shiba Inu — SHIB, took a heavy hit that sent shockwaves across the crypto market. A massive $70 million worth of SHIB was transferred from Coinbase Institutional to an unknown wallet. The transaction, flagged by Whale Alert, triggered immediate reactions. From top to bottom, SHIB fell nearly 13% in 24 hours, landing around $0.00001312. Trading volume surged to $522 million during the drop, showing intense activity as traders rushed to reposition.
Whale Activity and Critical Support Levels
The sudden transfer of 5 trillion SHIB sparked intense speculation. Large wallet movements often shake confidence, especially during broader market pullbacks. While the reason behind the move remains unclear, the timing was brutal. It came just as the overall crypto market began to slide. Meme coins tend to suffer more during corrections, yet SHIB managed to outperform Dogecoin during this recent dip. Despite the sharp decline, SHIB held above a key level—$0.00001328. This zone has become a battleground.
If buyers defend it, a short-term rebound could follow. But if that floor cracks, the next area of interest lies near $0.00001200. That level could attract buyers, but it also opens the door to further downside. On the upside, resistance now stands at $0.00001417 and $0.00001558. SHIB KNIGHT, a well-known analyst, pointed out that the token was rejected at $0.00001558 before sliding. Unless bulls reclaim that area, upward movement may stay capped.
SOPR Signals and Seasonal Trends
On-chain data offers some insight into current sentiment. The Spent Output Profit Ratio — SOPR on July 22 came in at 1.0031. That number suggests most SHIB holders who moved tokens that day either broke even or took marginal profits. This is important. When SOPR holds above 1.0, it generally indicates that investors are less willing to sell at a loss. Earlier in the year, SOPR stayed below 1.0 for weeks. That stretch reflected a market flooded with loss-taking and low confidence.
But the recent flip above breakeven suggests selling pressure has eased. More holders now appear to be waiting rather than dumping. It’s a subtle but meaningful shift that points to stabilizing sentiment. Adding to the cautious optimism is SHIB’s October track record. Since 2021, the token has posted green candles every October. According to CryptoRank, the average gain during that month exceeds 213%.
With August approaching and the recent selloff behind, some traders already have eyes on the fall. A $70 million SHIB outflow triggered a 13% drop and rattled support levels. Traders now watch $0.00001328 closely for signs of strength or further weakness. SOPR shows holders are holding firm, not panicking. With October historically strong, SHIB could still surprise on the upside.
