SHIB Recovery Weakens as 500 Billion Tokens Move to Exchanges

Shiba Inu's (SHIB) September recovery is showing signs of weakening due to a significant increase in SHIB tokens being moved onto crypto exchanges. Over the past 24 hours, approximately 500 billion SHIB were deposited onto exchange platforms, which signals that some holders may be preparing to sell.

The recent on-chain data shows that average SHIB deposits to exchanges increased by 1.92% over 24 hours, while total deposits rose by 2.58%. The 10 largest deposits totaled around 13.91 billion SHIB, indicating large transfers are taking place.

However, it's essential to note that higher exchange deposits do not necessarily mean a major sell-off is coming. SHIB withdrawals from exchanges are also increasing, and overall netflow remains negative, meaning more SHIB is leaving exchanges than entering them.