Shiba Inu Tanks 10% as $70M in SHIB Leaves Coinbase Wallet, What’s Next?

TL;DR

• SHIB fell by double digits amid the market-wide correction today, while a whale moved 5 trillion tokens from Coinbase to an unknown wallet.
• Key support at $0.00001328 is holding, but traders eye $0.00001200 if it breaks.
• SOPR suggests holders are exiting near breakeven, not panic-selling, as the market resets.
• October gains average 213% since 2021, setting the stage for a seasonal recovery pattern.

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.

Source: Glassnode

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.

Source: CryptoRank