The Shiba Inu market has witnessed significant activity over the last 24 hours, characterized by substantial outflows from exchange wallets. According to data from CryptoQuant, the top 10 wallets have moved over 2 billion SHIBA INU (SHIB) tokens within this period. While major investors injected a total of 2.281 billion SHIB into exchanges, a notable withdrawal of 3.477 billion SHIB was recorded during the same timeframe.
Divergent Trends in Exchange Inflows and Outflows
At first glance, the data presents a seemingly contradictory narrative. Despite major wallets transferring tokens into exchanges, overall outflows have surpassed inflows, with a 24-hour net flow rate standing at negative 20.074 billion SHIB across all major platforms. This indicates that more tokens are being withdrawn from the market than deposited.
Known for monitoring on-chain data and exchange flows, CryptoQuant reports that the total Shiba Inu exchange reserves currently stand at 86.161 trillion SHIB, valued at approximately $384.28 million.
The mass transfer of funds by major holders to exchanges suggests a potential increase in short-term sell pressure.
Persistent Decline in Reserves
Shiba Inu’s exchange reserves have seen a 0.02% decline over the past 24 hours. In dollar terms, reserve value has decreased by 0.47%. This decline in value is more pronounced than the reduction in token volume due to prevailing price weaknesses.
The sharp retracement observed in early November continues to exert pressure on the market. After a brief recovery, SHIB has turned downward again, recently nearing its local support levels.
Monitoring Crucial Price Levels
According to TradingView, SHIB recently fell below the $0.00000480 level. Should the price stay below this threshold, the next support zone could be around $0.00000410. At the time of reporting, SHIB was trading at $0.00000447.
The local support area is currently between $0.00000440 and $0.00000442. If this range holds, the price may continue to exhibit a sideways trend. Conversely, surpassing the $0.00000480 level could trigger a recovery towards the $0.00000540 to $0.00000550 range, levels tested in October.
The net flow for SHIB across all major exchanges, dropping to negative 20.074 billion tokens over the last 24 hours, illustrates that outflows have exceeded inflows.
