Despite the broader crypto market facing selling pressure, Shiba Inu ($SHIB) is showing signs of resilience. Onchain data from CryptoQuant reveals that the amount of $SHIB tokens held across all exchanges has dropped to approximately 85 trillion as of October 31. This marks a decline from the 87 trillion zone observed in previous days, indicating that demand may be surpassing sell activity.
The reduction in exchange reserves, though small at about 0.007% over the last 24 hours, suggests that traders are increasingly buying $SHIB. This trend is notable given the negative sentiment prevailing in the broader market, sparking interest among analysts about a potential price recovery for the leading meme token.
Additionally, Shiba Inu recorded a negative exchange netflow of 61.36 billion $SHIB on the same day. This negative outflow, following a 1% decline over the last day, indicates renewed demand within the $SHIB ecosystem. If buying continues, the overall reserve could further decrease to 84 trillion $SHIB in the near future.