Shiba Inu's Exchange Reserve Nears 87 Trillion Threshold
Shiba Inu's (SHIB) exchange reserve is on the verge of breaking through the 87 trillion threshold, according to data from TradingView. The current reading stands at roughly 86.9973 trillion tokens, leaving a difference of just 2.7 billion SHIB to reach this milestone.
While reaching 87 trillion may seem like a significant achievement, it's worth noting that the exchange reserve could rise above this threshold without any extraordinary transfers, as the recent 24-hour increase of 0.04% indicates.
The overall flow picture also favors exchanges, with total inflows totaling 271.53 billion SHIB and total outflows at 222.25 billion SHIB. This results in a netflow of around 34.47 billion SHIB.
However, conflicting signals exist, as the seven-day moving average of mean exchange outflows has fallen by 40.62% to approximately 502.1 million SHIB. While this may indicate a decrease in withdrawal activity, it's essential to consider that the overall outflow increased by 0.5%, and the ordinary mean outflow rose by 0.51%.
The psychological significance of breaking through the 87 trillion threshold is substantial, especially given Shiba Inu's recent price action. After rising from $0.000005 region, SHIB is currently trading at around $0.00000518, which is close to both the shorter-term average at $0.00000501 and the 100-day EMA at $0.00000498.
The RSI reading of about 54 indicates neutral to moderately bullish momentum, but it's essential to note that SHIB has been unable to move away from this price level. The bigger barrier remains the 200-day EMA at $0.00000570, which has proven challenging for SHIB to surpass.