Shiba Inu Sees 110 Billion Tokens Withdrawn From Exchanges
Shiba Inu continues to struggle amidst broader weakness in the crypto market. The token fell to around $0.000004360, extending its decline to 2.3% over the past 24 hours and 3.4% over the past week.
The latest weakness has put SHIB's position among the largest cryptos at risk. With a market cap of $2.57 billion, Shiba Inu currently ranks as the 30th-largest crypto asset. Meanwhile, Cronos, which ranks 31st, has a market value of about $2.25 billion.
Despite SHIB's bearish price action, recent exchange data offers a potentially encouraging signal for holders. According to CryptoQuant data, the seven-day moving average of mean SHIB exchange outflows has surged 195.56% to 920.34 million tokens.
The sharp increase in withdrawals could gradually reduce the amount of SHIB readily available on trading platforms. Large transactions are currently favoring withdrawals over deposits, with the top 10 exchange outflows reaching 7.57 billion SHIB compared to about 5.97 billion SHIB in inflows.