SHIB Ticks Closer to 100 Trillion Milestone Amid Rising Self-Custody
Shiba Inu's (SHIB) circulating supply is closing in on the psychologically significant milestone of 100 trillion tokens, according to recent on-chain data. With exchange reserves at approximately 86.1 trillion SHIB, the network is within striking distance of this threshold.
The long-term trend for exchange balances has been steadily declining, indicating that investors are withdrawing their SHIB from centralized platforms and opting for self-custody instead. This is supported by exchange flow data, which shows a net outflow of -145 billion SHIB, with daily outflows exceeding inflows.
While this improving supply dynamic could potentially sustain bullish conditions in the long run, it has yet to be reflected in price. SHIB remains stuck in a downtrend, trading around $0.0000041 and below all major moving averages. Momentum indicators also fail to provide encouragement, with the RSI at 38, well below the neutral level.
Despite this, tokens are being removed from exchanges by on-chain investors, gradually lowering the liquid supply and bringing reserves closer to the 100 trillion SHIB milestone.