Shiba Inu Soars on Exchange Outflows Amid Key Support Zone
Shiba Inu (SHIB) has experienced a significant price movement over the past ~25 hours, rising by approximately 3.5%. According to data analysis, this increase is largely attributed to exchange outflows, where around 461.4 billion SHIB left exchanges in a single day, compared to just 229.0 billion entering.
This net outflow of roughly 232.4 billion SHIB has resulted in a 0.27% drop in exchange reserves to 86.97 trillion SHIB. This reduction in available sell liquidity near the key support band around $0.00000495 - $0.00000505 per SHIB is seen as a positive supply-side signal.
The analysis suggests that buyers or long-term holders are pulling significant amounts of SHIB off exchanges into wallets, which typically supports price or cushions downside when it coincides with an already important support zone.