Shiba Inu's Recovery at Risk as 500 Billion Tokens Flood Exchanges

Shiba Inu's (SHIB) recovery is facing challenges as more tokens move onto crypto exchanges. Over the past 24 hours, approximately 500 billion SHIB were deposited into exchange wallets. This surge in deposits has raised concerns about potential selling pressure on the market.

The recent on-chain data shows that average SHIB deposits to exchanges increased by 1.92% over 24 hours. The total deposits rose by 2.58%, with the 10 largest deposits totaling around 13.91 billion SHIB. This influx of tokens could weigh heavily on SHIB's price, potentially weakening its recovery trend.

Despite this development, SHIB remains above key support levels. A sustained move above $0.0000062 could strengthen the recovery trend and give investors a reason to be optimistic about the coin's future prospects.