Shiba Inu Exchange Reserve Surges to 88 Trillion SHIB Amid Bearish Momentum

Shiba Inu's recent price drawdown has led to an increase in its exchange supply, signaling bearish momentum expanding into its trading activity. According to on-chain data from CryptoQuant, Shiba Inu's available supply across all supported exchanges reached a four-month high of 88 trillion SHIB as of October 3rd.

This marks the highest level since June 3rd when market volatility was at an extreme. The rising exchange reserve provides a bearish outlook for SHIB despite its slow price movement, which has declined by nearly 3% in the last 24 hours.

Analysts predict that bearish traders may be taking over the market, as the demand for SHIB appears to have faded and traders are selling off their assets. This speculation has drawn attention from market participants, positioning SHIB for potential downside moves.