Shiba Inu posted a strong weekend recovery as on-chain data highlighted a major exchange wallet shift during a volatile market phase. The move unfolded while broader crypto sentiment stayed locked in extreme fear. Arkham data showed that 20,841,045,129 SHIB tokens were transferred from OKX’s hot wallet into the exchange’s cold storage, removing tokens worth about $132,130 from active circulation. The timing came as SHIB had just tested price levels not seen since early 2023 during a sharp 30% drawdown from the week’s opening levels.
Following the transfer, SHIB rallied around 22% to reclaim the $0.0000062 level. At the time of writing, it traded near $0.00000612 after failing to hold above $0.0000068, with $0.0000046 identified as a potential downside zone if bearish momentum returns. Despite the rebound, the broader crypto market remained stressed, with many altcoins and meme tokens continuing to outflow.
SHIB showed a different on-chain pattern, moving into cold storage rather than back onto exchanges, a form of supply adjustment. Locking tokens away can reduce immediate sell-side pressure, even if temporary. The move stood out due to its size and timing, and observers cautioned against overinterpretation, noting that wallet movements do not always signal price direction, with OKX not issuing a public explanation.
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