Shiba Inu Exchange Holdings Near 88 Trillion Tokens, Raising Selling Pressure Concerns
Shiba Inu's exchange holdings are nearing 88 trillion tokens, putting pressure on its recent rebound.
The token has shown a short-term bearish signal as deposits on exchanges rise quickly. According to CryptoQuant tallies, Shiba Inu's exchange holdings stood at about 87.7938 trillion tokens on Sept. 27, up from the previous day.
As market participants moved more tokens to multiple exchanges, the amount waiting to be sold is seen as having piled up. Rising exchange holdings are typically linked to an increase in tokens available for sale, which can weigh on short-term supply and demand.
The fact that exchange holdings have moved close to the key 88 trillion-token level is adding to market pressure. The outlet said that range could delay a further price rebound in Shiba Inu for longer. If buying fails to pick up and the amount waiting on exchanges increases, the pace of any price recovery is bound to slow.