Shiba Inu Exchange Reserves Plummet to 87.5 Trillion
The Shiba Inu (SHIB) token has entered a new stage of its exchange activity, according to recent on-chain data. The total number of SHIB tokens held on trading platforms is now at 87.5 trillion, marking a decrease of 0.18% over the previous day. This significant shift in reserves indicates that exchanges are storing fewer SHIB tokens, which could potentially increase sell-side liquidity.
The absolute supply of SHIB remains large, but the decline in reserves suggests that the token is no longer accumulating. Instead, withdrawals have exceeded deposits, resulting in a negative netflow of -159.4 billion tokens over the past 24 hours. This indicates that more SHIB is being removed from exchanges than deposited.
The dollar value of exchange reserves has decreased by 1.67% to around $403.49 million, primarily due to SHIB's poor price performance. The token's current price is trading close to $0.00000461, below the longer-term moving averages and resistance levels at $0.00000497 and $0.00000588.