SHIB Stalls Above $0.00000500 Amid Rising Exchange Deposits
Shiba Inu (SHIB) has stalled above $0.00000500 on Tuesday, following two consecutive bullish months as upside momentum eases.
Volatile investors' interest in the meme coin amid rising supply on exchanges warns of profit-taking despite consistent token burns.
The SHIB burning activity has been steady, with 41.35 million tokens burned on Monday, and 43.43 million tokens burned on Thursday, reflecting a controlled approach to controlling token inflation.
On-chain data shows reduced investor demand amid rising deposits on crypto exchanges, with the SHIB supply on exchanges standing at 139.59 trillion SHIB, up from 137.66 trillion SHIB on July 24.
The technical outlook suggests that SHIB remains capped under an ascending resistance trendline connecting the highs of July 26 and August 21, near the May 11 high at $0.00000670.