Key Highlights
- About 31.74 billion SHIB tokens moved into exchanges in the past 24 hours, raising possible selling pressure.
- Trading activity has slowed, with open interest dropping by 2.99% to $57 million and volume falling 2.61% to $127 million.
- Despite the inflows, SHIB price stayed stable at about $0.000006238, holding above key support levels and the 50-day moving average of $0.00000591.
Shiba Inu (SHIB) saw a big jump in the number of tokens moving into crypto exchanges today.
According to data from CryptoQuant, about 31.74 billion SHIB tokens were sent to trading platforms within the last 24 hours.
This means that holders are moving tokens from personal wallets into exchanges, where they can be sold or traded easily.
The same data shows exchange reserves climbing slightly to about 81 trillion SHIB, increasing the amount of tokens available for trading. Binance crypto exchange alone reportedly saw about 61.8 trillion of that, steadily building up since mid-March.
Derivatives market cools down
At the same time, the market activity in derivatives weakened. Based on data from Coinglass, the open internet is down by 2.99% to about $57 million, while the trading volume is down by 2.61% to $127 million. In simple terms, there is less buying and selling activity in the market at the moment compared to before.
However, the funding rate is still slightly positive at 0.0060%, which means more traders still expect prices to surge soon, even if the feeling is not very strong.
SHIB price holds steady
Despite these signals, SHIB has maintained a stable price action. At the time of writing, the token is up 1.04% on the day, trading around $0.000006238 from an intraday low of $0.000006064, according to data from CoinMarketCap.
The price has remained trapped for months between a resistance level at $0.00000662 and a support level at 0.00000521, with neither buyers nor sellers able to force a decisive breakout.
On top of that, SHIB remains above its 50-day moving average of $0.00000591, a level many traders use to understand if the market is still stable or turning weak. Staying above this level shows that buyers are still active in the market even though the overall sentiment says otherwise.
This is further reflected in the Relative Strength Index (RSI), which sits at 56.99, suggesting that the buyers are steadily controlling the market.
On the supply side, SHIB also saw strong burning activity. According to Shibburn data, more than 2,526,900 SHIB tokens were permanently destroyed in a single day, and burn activity jumped by 405%. These tokens were sent to dead wallets, meaning they cannot be used again. This reduces the total number of coins in circulation over time.
In simple terms, SHIB is going through a mixed phase. More tokens are entering exchanges, but the price is still holding steady, and supply is being reduced through burns at the same time.
If the price manages to break over $0.00000662, it could surge up to $0.00001013, where the next resistance level sits. On the flip side, if it fails to hold, it could drop to the nearest support at around $0.00000565.
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