According to CryptoQuant, the current supply of Shiba Inu (SHIB) tokens on exchanges stands at 86.04 trillion, with a market valuation of approximately $382.87 million. This data suggests a substantial portion of SHIB’s available supply is held on centralized platforms, positioning them for potential market sales.
Exchange Supply Dynamics and Net Outflows
The approximate $380 million in SHIB held on exchanges marks a crucial threshold, yet the liquidation of this entire pool could trigger a significant price drop due to low liquidity. Such an event could highlight the disparity between SHIB’s estimated market value and actual sales revenue, should major sell-offs occur.
Over the past 24 hours, there has been a negative net flow, with 333.7 billion SHIB withdrawn from exchanges compared to 326.2 billion deposited, resulting in a daily net outflow of 45.5 billion SHIB. Though this indicates some investors moving assets to personal wallets, the net value change, amounting to around $200,000, is unlikely to alter the short-term outlook drastically.
As exchanges hold 86.04 trillion SHIB, a net outflow of 45.5 billion SHIB occurred in the last 24 hours, yet the total net value remains near $200,000.
Liquidity Constraints Persist
Institutional-scale liquidity for SHIB is limited, largely due to its investor base being predominantly individual participants. This lack of depth could amplify volatility during large transactions, potentially disrupting the balance of buy and sell orders more easily.
As a meme coin on the Ethereum network, Shiba Inu is known for its broad retail investor appeal. However, during periods of diminished trading volume, price movements may become particularly erratic.
Technical Outlook Remains Weak
Currently, SHIB is trading at $0.00000444 and remains below key moving averages. Despite tracking a broader market rally for some time, a shift in crypto market sentiment led to a steep decline. The break of the ascending trendline from July in mid-October has compounded downward pressure.
The 200-day exponential moving average has posed a formidable resistance, and October’s recovery attempts have failed to reverse the bearish trend. With trading volumes plummeting to multi-month lows, the market lacks sufficient buying power for a potential corrective rally.
The likelihood of a spontaneous price rebound appears slim; $0.00000413 is being watched as a critical support level since it marked an upward pivot in July.
The Relative Strength Index hovers around 37, signaling weak momentum that has yet to reach oversold territory. Consequently, market participants are closely monitoring whether SHIB can maintain above $0.00000413. Failing to defend this level could leave no obvious support zones, heightening short-term downside risks.
