Shiba Inu Exchange Reserve Hits 88 Trillion SHIB Amid Bearish Momentum

Shiba Inu's recent price drawdown has led to an expansion of bearish momentum, affecting not just its market value but also its exchange activity. According to onchain data from CryptoQuant, Shiba Inu's available supply across all supported exchanges has reached a four-month high of 88 trillion SHIB as of October 3rd.

This increase in exchange reserve coincides with a decline in price over the last 24 hours, with Shiba Inu trading nearly 3% lower. Analysts predict that bearish traders may be taking over the market, leading to speculation that demand for SHIB has faded and traders are selling off their assets.

The 88 trillion SHIB exchange reserve marks a significant milestone in Shiba Inu's onchain data, but it also provides a bearish outlook for the asset. The metric suggests that bearish traders may be positioning SHIB for more downside moves.