Memecoin Shiba inu SHIB has chalked out a 3% recovery from overnight lows under $0.00001200, outperforming bitcoin BTC despite reports of a massive whale transaction.

On Thursday, SHIB experienced a significant 7.7% correction, dropping to 0.0000119 before finding strong support at the 0.0000120 level. Prices have since bounced to $0.00001241, according to CoinDesk data.

A massive whale transaction of 2.87 trillion SHIB, worth $36 million to Coinbase Institutional, initially triggered market concerns, according to CoinDesk's AI research. The transaction, however, was later identified as being associated with market maker custody rather than a whale looking to sell coins.

However, despite the recovery, SHIB still trades 10% lower for the week as investors navigate broader market pressure

See Full Page