Shiba Inu Plummets 10% After $70M SHIB Exodus from Coinbase—Is This the Bottom or Just the Beginning?
Shiba Inu’s price takes a nosedive as whales ditch $70 million worth of SHIB on Coinbase. Here’s what the charts—and the cynics—are saying.
### The Great SHIB Sell-Off
A single wallet move triggers panic—or profit-taking, depending on who you ask. The memecoin’s 10% drop smells like classic crypto volatility, but the timing reeks of opportunism.
### Whale Watching in Shallow Waters
When $70 million exits stage left, retail traders scramble. Analysts debate whether this is a coordinated dump or just another Tuesday in DeFi land.
### What’s Next for the Dogecoin Killer?
Support levels loom like lifeboats. Bulls whisper ‘buy the dip’ while bears smirk and check their short positions. Meanwhile, Wall Street ‘experts’ still can’t tell Shiba Inu from an actual dog.
SHIB Sells Off After Large Transfer From Coinbase
Shiba Inu’s price fell 13% in the last 24 hours from top to bottom, trading at $0.00001312. Daily volume hit $522 million during the move. The drop followed the transfer of 5 trillion SHIB (worth about $70 million) from Coinbase Institutional to an unknown wallet, as reported by Whale Alert.
5,000,000,000,000 #SHIB (69,980,000 USD) transferred from Coinbase Institutional to unknown wallethttps://t.co/hYT8lOy4wD
— Whale Alert (@whale_alert) July 23, 2025
Meanwhile, the transaction came as the broader crypto market pulled back. SHIB’s decline, while sharp, was less severe than Dogecoin’s. The OG meme coin’s price had recently climbed earlier in July, showing a monthly gain of 25% before this correction.
Key Levels Under Pressure
SHIB is now sitting just above the $0.00001328 support zone. Traders are watching this level closely. If it fails, the next area of interest sits NEAR $0.00001200. Resistance remains at $0.00001417 and $0.00001558.
Analyst SHIB KNIGHT noted that the price was rejected at $0.00001558 and quickly dropped back. To shift the short-term trend, SHIB WOULD need to reclaim and close above that resistance level. Until then, movement is likely to stay limited within the current range.
SOPR Points to Cautious Market
The Spent Output Profit Ratio (SOPR) on July 22 was 1.0031. It indicates that most addresses that transferred SHIB that day did so at a profit break or marginal profit. When SOPR sits just above 1.0 during a recovery phase, it typically shows holders are not rushing to sell at a loss.
Earlier in the year, SOPR stayed below 1.0 for weeks, showing ongoing loss-taking. The recent upward thrust above breakeven levels is an indication that selling pressure is abating. The existing data does not reveal any significant patterns of exit.
SHIB has posted positive October returns every year since 2021. Data from CryptoRank shows an average gain of over 213% during that month. With the current pullback in play, some traders are looking ahead to that seasonal trend as a potential setup later this year.
