Key Highlights
- SHIB saw 211B tokens move into exchanges in 24 hours, showing more people may be preparing to sell.
- Exchange reserves rose to 81.7T SHIB, and inflows are higher than outflows.
- Price is stuck under $0.0000064–$0.0000066 resistance with low trading activity.
Shiba Inu (SHIB) saw a big jump in the number of tokens moving into crypto exchanges in the past 24 hours.
According to data from CryptoQuant, about 211 billion SHIB tokens were sent to trading platforms. In simple terms, it means many holders are moving their tokens from personal wallets into exchanges, and they might be preparing for possible selling, not just holding.
Tokens moving into exchanges
At the same time, the total flow of SHIB into exchanges (net flow) has increased by more than 10%, while exchange reserves have climbed to around 81.7 trillion SHIB. Data also shows that inflows are currently exceeding outflows, pointing to an imbalance in how tokens are moving. Meanwhile, SHIB itself is trading for $0.0000062, down 1.16% in the last 24 hours.
Trading activity is down 27% amid the weekend, with about $94 million in volume, while the market value sits at $3.7 billion, according to CoinMarketCap.
SHIB price holds steady
Looking at the daily price chart, SHIB is moving slightly upward in a narrow channel. This means the price is making slightly higher lows.
However, the bigger trend is still weak. The token is now close to a key resistance area between $0.0000064 and $0.0000066, an area that has stopped the price from moving higher in different attempts. This zone also aligns with key moving averages, including the 100 EMA, creating a strong technical barrier.
Even though the price is climbing a little, it is not strong enough to show real buying power. Volume is still average, meaning buyers are not fully stepping in. Moreover, the Relative Strength Index (RSI) is currently at 53, which indicates that the market is neutral with no significant movement from either the buyers or sellers.
In addition, the number of active addresses has dropped from 23k on April 25 to 4,000 as of May 1st, according to data from CryptoQuant. This further confirms the decrease in demand.Â
Overall, Shiba Inu has been in a prolonged downtrend. The current move looks like a small recovery, not a full change in direction.
If the price fails to move above the current resistance, it could drop to its nearest support level near $0.0000060. On the flip side, if the price manages to break over $​​0.00000662, it could surge up to $0.00001013, where the next resistance level sits.
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