Shiba Inu Price Plummets After Massive Token Influx
Shiba Inu's price has taken a hit, dropping 7.46% in a day to $0.0000057. The token is now trading below its key moving averages.
A massive influx of 191 billion SHIB tokens into centralized exchanges has increased the total reserves on these platforms to nearly $533.2 million. This surge in exchange balance raises concerns about heightened liquidity and intensified sell-side pressure, which could challenge recent rallies.
The technical outlook for Shiba Inu is bearish, with momentum indicators favoring sellers. The price is expected to fluctuate between $0.00000545 and $0.00000598 over the next two to three trading days, with a 43% probability of an upward move but downside risk remaining more likely.
The current technical setup reinforces cautionary signals that Shiba Inu faced persistent downside risk amid increased exchange inflows and subdued network activity.