Shiba Inu's Price Stuck as Massive Exchange Outflows Reach New Heights
The Shiba Inu (SHIB) meme coin is experiencing a paradoxical situation where its price refuses to move despite massive exchange outflows and unprecedented liquidity supply limitations.
On-chain data shows that approximately 74 billion SHIB tokens have been pulled from centralized exchanges recently, which is often seen as a sign of holders shifting to long-term storage or reducing immediate sell pressure.
This comes after weeks of market weakness that pushed SHIB down the leaderboard. Adding to the utility narrative, a meme-focused collateral platform has confirmed plans to let users borrow against SHIB without selling, potentially opening new yield and leverage opportunities for holders.
However, technical analysts are drawing uncomfortable parallels to SHIB's bearish stretch from April to June 2023, warning of a potential 20% drop if key support levels break. This similarity is weighing on sentiment while liquidity across many altcoins remains thin.