Shiba Inu Recovery Under Threat as 500 Billion Tokens Move to Exchanges

The Shiba Inu token's recent recovery is facing a challenge as over 500 billion tokens moved to crypto exchanges in just 24 hours, raising concerns that its September rebound may be at risk. The coin has gained 12% over the past month, trading at $0.000005788.

Average deposits to exchanges increased by 1.92% over this period, with a total of about 500.12 billion tokens being deposited. This is not necessarily an indication that investors are selling, as some may be moving their tokens to exchanges for trading or liquidity purposes.

However, the rise in exchange deposits, combined with repeated rejection near $0.0000060 and the return to the 200-day moving average, has made Shiba Inu's recovery more uncertain. Until the token moves back above these levels, its September rebound remains vulnerable.