Shiba Inu Price Stuck in Neutral Amid Massive Exchange Outflows
Shiba Inu's price is stuck in neutral as massive exchange outflows fail to generate sustained buying pressure. While holders are pulling tens of billions of SHIB off centralized exchanges, chart watchers are flashing warning signs that the meme coin's setup looks eerily similar to a painful 2023 bearish pattern.
The token even flirted with climbing back into the top 30 cryptocurrencies by market cap, but its price momentum feels stuck. This comes after weeks of broader market weakness that pushed SHIB down the leaderboard.
On-chain data shows roughly 74 billion SHIB pulled from centralized exchanges recently, a move often seen as a sign that holders are shifting to long-term storage or reducing immediate sell pressure. This could be a bullish catalyst, but it's not enough to break out of Shiba Inu's current rut.