In early November, Shiba Inu’s exchange reserves plummeted to approximately 85.84 trillion tokens. On-chain data indicates that a portion of the circulating supply has been withdrawn from trading platforms. However, market dynamics reveal that sell pressure persists.
Supply Dynamics Show Stabilizing Trend
The latest figures indicate Shiba Inu (SHIB) exchange reserves stand at 85.8432 trillion tokens, marking a mere 0.01% increase in the past 24 hours. Over a seven-day span, however, a more pronounced decline is evident. This suggests that significant amounts of SHIB have been moved from exchanges to private wallets.
A decline in exchange reserves usually implies a reduction in tokens poised for sale. Investors transferring assets to personal wallets can limit the immediate availability of SHIB for trading on central exchanges. While this might not directly trigger a price recovery, it does contribute to a more balanced supply landscape.
“The decrease in SHIB on exchanges supports the supply outlook, yet this alone does not signal a definitive price reversal.”
Price Under Continued Pressure
The current value of exchange holdings is estimated at around $397.45 million, marking a 1.69% drop during the day. Despite this, the net exchange inflow remains positive at approximately 10.94 billion SHIB. This data indicates that short-term sell pressure has not been completely eliminated.
On the daily SHIB/USDT chart, the token is trading at about $0.00000463. The price slipping below its ascending support line weakens the technical outlook. Additionally, SHIB remaining below key moving averages shows sellers maintaining dominance over broader time frames.
Key Price Levels to Watch
Attempts to push higher face resistance between $0.00000500 and $0.00000530. Conversely, the $0.00000440 to $0.00000450 range may offer provisional support.
Should demand strengthen, the reduction in exchange-held supply could have a more pronounced impact on pricing. Currently, the reserve level circling around 85 trillion tokens serves mainly as a constructive on-chain signal. For a robust recovery scenario, token withdrawals from exchanges need to persist, buying appetite must increase, and prices need to revert to key upper levels.
“Current data suggests supply pressure on the SHIB side has eased; however, the technical outlook has yet to confirm a clear recovery.”
