Shiba Inu Bulls Take Control Amid Record Exchange Outflows

Shiba Inu exchange outflows have surged to a staggering $311 billion over the past 24 hours, according to on-chain data from Bitget. This represents a significant acceleration in withdrawals, with total exchange outflows estimated at around $323.19 billion. Meanwhile, inflows have increased to $251.01 billion, but are still lagging behind outflows.

The thinning of Shiba Inu reserves on exchanges suggests that holders may be transferring tokens into private custody instead of selling them. This can be a sign of bullish sentiment, as it reduces the immediately available supply on centralized exchanges.

Despite this, technical indicators remain cautious, with the 200-day moving average at $0.00000567 remaining a significant barrier for Shiba Inu's price recovery. The coin is currently trading around $0.00000545, having maintained its short-term ascending support and forming higher lows.