Shiba Inu Bulls Take Control as 311 Billion SHIB Trades in 24 Hours

Shiba Inu (SHIB) exchange activity has shown a potentially bullish shift in recent on-chain data, with total outflows estimated at around 323.19 billion SHIB, exceeding inflows by about 72 billion.

The most significant acceleration in withdrawals was seen over the previous 24-hour period, with an increase of approximately 311 billion SHIB. This is supported by exchange reserves, which have decreased by 0.08% to around 87.24 trillion SHIB.

Falling reserves can indicate that holders are transferring tokens into private custody rather than putting them up for sale, reducing the available supply on centralized exchanges.

However, inflows also increased, with a mean inflow of about 1.13 billion SHIB per transaction and exchange inflows rising to 251 billion SHIB. The top ten inflows brought in roughly 5.62 billion SHIB, but outflows exceeding already high deposits are the main source of the bullish signal.

SHIB's technical structure suggests that timing could be crucial, with the price trading above its short-term ascending support and forming a series of higher lows since August. However, it remains below the 200-day moving average at $0.00000567, which has previously drawn significant selling pressure.