Shiba Inu Exchange Holdings Near $400M Threshold Amid Price Volatility

The value of Shiba Inu (SHIB) holdings on centralised exchanges is nearing the $400 million threshold, but this decline is not driven by a mass exodus of investors. According to recent data, SHIB's price drop is primarily responsible for the decrease in exchange-held value.

On July 29 local time, blockchain outlet U.Today reported that SHIB holdings on centralised exchanges were valued at approximately $414.8 million. If the token's price continues to fall, the dollar value of holdings could soon dip below $400 million.

A drop in exchange-held value is typically seen as a bullish signal, indicating investors are moving tokens to personal wallets and reducing selling pressure. However, this time around, the analysis suggests that the decrease in exchange-held value is largely due to SHIB's price decline rather than a significant withdrawal of tokens by investors.

Price action also supports this view, with SHIB recently attempting to rebound as trading volume surged but failing to break major resistance and turning weak again. The token is currently trading at approximately $0.0000048 and moving near the 20-day and 50-day exponential moving averages.