Shiba Inu Rebounds Post-Whale Transfer to Coinbase Institutional
Shiba Inu (SHIB) demonstrated notable resilience in the face of market volatility, staging a 3% recovery after a significant whale transaction initially sparked bearish sentiment. The memecoin's performance outpaced Bitcoin despite broader market challenges, highlighting its growing stability and investor confidence.
Shiba Inu Stages Partial Recovery After Whale Transaction Sparks Volatility
Shiba Inu (SHIB) clawed back a 3% gain after plunging to $0.0000119 overnight, weathering a $36 million whale transfer initially misinterpreted as bearish. The memecoin's resilience outpaced Bitcoin's performance despite broader market headwinds.
A 2.87 trillion SHIB transfer to Coinbase Institutional triggered algorithmic sell signals before blockchain analysts identified the movement as market Maker custody activity. The coin found strong support at $0.0000120, establishing a new demand zone with above-average accumulation volume.
Technical charts reveal SHIB remains constrained within a descending channel formed between May 12-23 peaks and the May 17 trough. The recovery phase has developed an ascending support trendline, though weekly losses still stand at 10% amid persistent crypto market pressures.
Circle's NYSE Debut Sparks Market Frenzy as Stablecoin Issuer Surges 160%
Circle's long-awaited public debut became the crypto industry's latest success story, with shares peaking at $103 before settling at $83 – a 160% gain from its $31 offering price. Retail traders matched institutional enthusiasm, evidenced by Bloomberg's report of a 20x oversubscribed offering.
Ark Investment Management quintupled its initial interest, acquiring $373 million worth of Circle stock. Analysts draw parallels to Coinbase's market position, framing Circle as the pure-play stablecoin counterpart to Coinbase's 'Amazon of crypto' role. Regulatory tailwinds for stablecoin legislation could further accelerate growth.
Dogecoin Faces Bearish Pressure Amid Technical Warnings and DeFi Integration
Dogecoin (DOGE) has plunged 7.05% to $0.1755, extending its weekly loss to 14.35% as bearish momentum dominates. Trading volume surged 150% to $1.99 billion, reflecting aggressive selling rather than bullish conviction.
Technical indicators flash warning signs: an oversold RSI at 6.02, ADX reading of 60.3 confirming strong trend strength, and widening Bollinger Bands suggesting heightened volatility. The $0.1665 support level emerges as critical—a breach could accelerate declines toward $0.1570.
Coinbase's Base network adoption of wrapped Doge (cbDOGE) presents a counter-narrative, signaling growing DeFi integration despite price weakness. Market structure suggests traders should implement tight risk management, with stops below $0.1561.
Ark Invest Shifts Portfolio: Acquires $373M in Circle (CRCL) While Trimming COIN, HOOD, and Bitcoin ETF Positions
Cathie Wood's Ark Invest made waves with a $373 million acquisition of Circle (CRCL) stock during the stablecoin issuer's NYSE debut. The investment spanned three Ark funds, with ARKW leading at 3 million shares. Circle's stock surged 160% on its first trading day, signaling institutional confidence in stablecoin infrastructure.
To fund this move, Ark liquidated portions of its crypto-related holdings. The firm reduced positions in Coinbase (COIN), Robinhood (HOOD), Block, and even its own ARKB bitcoin ETF. Notably, the funds maintained Tesla (TSLA) exposure despite a 14% single-day drop.
The crypto community interprets this pivot as a bullish bet on dollar-pegged assets. Circle's USDC currently commands 21% of the stablecoin market, with daily transaction volume exceeding $50 billion. Ark's accumulation suggests anticipation of regulatory clarity and institutional adoption for compliant stablecoins.
Gemini Files for IPO Following Circle's Successful Market Debut
Gemini, the New York-based cryptocurrency exchange, has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission. The move comes just one day after Circle, issuer of the USDC stablecoin, saw its shares nearly quadruple in value during its NYSE debut.
The filing signals growing institutional confidence in crypto-focused firms, with Gemini poised to become the latest digital asset company to test public markets. Market observers note the timing aligns with renewed investor interest in blockchain infrastructure plays following Circle's $9 billion valuation.
Weekly Crypto Recap: Circle's IPO Surge and Market Turbulence
Circle's impending IPO dominated crypto headlines this week, with shares skyrocketing from $31 to $110 in days—signaling a potential wave of crypto public offerings. Meanwhile, Hyperliquid trader James Wynn's $100 million Bitcoin position evaporated overnight, serving as a stark reminder of leverage risks.
The broader market showed resilience. Japan's Metaplanet doubled down on Bitcoin treasury strategies, mirroring MicroStrategy's playbook. Solana's Pump.Fun memecoin platform is reportedly seeking $1 billion at a $4 billion valuation, with spin-off Fartcoin rallying on Coinbase listing rumors.
Traditional finance integration accelerated. Polymarket prediction markets are coming to X platform, while Uber, Apple and Airbnb explore stablecoin payments. Revolut plans to offer crypto derivatives—further blurring lines between digital and traditional finance.
