Shiba Inu Sees 75 Billion SHIB Flood into Exchanges Amid Price Recovery
Shiba Inu's recent price recovery is being fueled by a significant increase in exchange inflows. According to on-chain data, net exchange flows rose by about 75 billion SHIB during the previous day. This influx of tokens into centralized trading platforms could lead to more selling pressure and potentially impact the token's price.
The total exchange inflows for Shiba Inu now stand at 193.32 billion SHIB, while outflows amount to 131.59 billion SHIB. The net flow difference leaves a remaining balance of approximately 61.73 billion SHIB. However, it's essential to consider the direction rather than the percentage change.
With inflows surpassing withdrawals, more tokens become accessible on centralized trading platforms, which can boost the immediately liquid supply. Exchange reserves currently hold about 87.36 trillion SHIB and have increased by 0.07 percent in the last day. The value of these reserves is around $477 million, up 0.44 percent.
Shiba Inu's price has been trading around $0.00000543 after making a significant comeback from its August low near $0.0000044. However, resistance is approaching swiftly, particularly in the $0.0000056-$0.0000057 area, where the 200-day moving average is located at $0.00000568.