Shiba Inu Recovery at Risk as Exchange Deposits Soar

The Shiba Inu (SHIB) token has seen a significant increase in exchange deposits over the past 24 hours, with an average of 500.12 billion SHIB tokens moving onto exchanges.

This marks a 1.92% increase from previous deposits and comes as the coin's recent recovery weakens. Despite gaining 12% over the past month, trading at $0.000005788, SHIB failed to break above $0.0000060, raising questions about its ability to continue.

However, not all is lost for SHIB holders, as netflow remains negative, with more tokens leaving exchanges than entering them. This mixed exchange flow suggests that investors are not yet heavily selling their SHIB tokens.

The 10 largest deposits totaled around 13.91 billion SHIB, while total withdrawals rose by 2.58%. The return to the 200-day moving average at $0.0000053-$0.0000058 has also made SHIB's recovery more uncertain.