Shiba Inu Bulls Take Control with Record-Breaking Exchange Activity

The Shiba Inu token has seen a significant surge in exchange activity over the past 24 hours, with 311 billion SHIB traded. This marks a potentially bullish shift for the cryptocurrency, as outflows have surpassed inflows by a wide margin.

According to on-chain data, total exchange outflows are estimated to be around 323.19 billion SHIB, significantly higher than the 251.01 billion SHIB inflows. This acceleration in withdrawals suggests that holders may be transferring tokens into private custody rather than putting them up for sale.

The decrease in reserves can also lower the immediately available supply on centralized exchanges. While dollar value has decreased by 0.45% to roughly $472.86 million, total reserves have decreased by 0.08% to about 87.24 trillion SHIB.

However, the data is not one-sided, as the mean inflow increased to about 1.13 billion SHIB per transaction, and exchange inflows also increased to 251 billion SHIB. The top ten inflows brought in roughly 5.62 billion SHIB, indicating that outflows are still exceeding deposits.