Shiba Inu (SHIB) has witnessed massive engagement in the last 24 hours as the meme coin holders engage in a sell-off. Amid this, over 1.6 billion SHIB have hit Binance, the biggest crypto exchange, within the same time frame.
Shiba Inu price shows recovery despite sell-off
According to CoinMarketCap data, within this period, 1,638,482,915 SHIB tokens have hit Binance. The development signals high user engagement by Shiba Inu traders in the meme coin market space.
This figure accounts for the trading volume from both the SHIB/USDT and SHIB/USDC trading pairs. Cumulatively, both accounted for more than $18.985 million.
Although the intention behind these massive movements remains unclear, the heavy transaction could trigger price movement. Notably, it compensates for the enormous sell-off that SHIB has witnessed in the past couple of days.
As of press time, SHIB is changing hands at $0.00001159, representing a 1.16% decline in the last 24 hours. The current price signals a rebound for Shiba Inu, which slipped to a low of $0.00001137 in earlier trading sessions.
However, Shiba Inu could recover fast, with the price climbing towards $0.00001165. This price zone has acted as solid support for the meme coin in the past. With the recent activity on the Binance exchange, this could catalyze positive price movement.
Can SHIB whales trigger rebound?
As U.Today reported, the massive transactions could reposition Shiba Inu for a price reset. In the last couple of days, investors, particularly SHIB whales, have increased their activities by over 1,010%, which suggests potential bullish action.
Interestingly, the intensity of Shiba Inu whale inflow is at a six-month high. The development indicates that notable investors are ready to fund SHIB accumulation again. The last time SHIB whales actively engaged the meme coin was in early 2025.
Market participants should keenly monitor developments to see if Shiba Inu can ride this high market engagement and post a recovery.
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