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More than 289 billion Shiba Inu tokens left exchanges in a single day, indicating a significant market shift in the chain. This could indicate a reorganization of market composition and perhaps point to accumulation by long-term holders rather than panic selling.
Quick drain
A net outflow of -289.7 billion SHIB, or about 1.45% of the total monitored supply, shows data from CryptoQuant, indicating that tokens are being removed from centralized exchanges. Fewer tokens on exchanges translates into less immediate selling pressure, which can serve as a basis for price stabilization. Generally speaking, this behavior indicates investor confidence.
At the same time, the foreign exchange reserves chart shows a steep decline in SHIB balances, which have fallen from around 85.5 trillion to 81.9 trillion tokens since the beginning of October. In parallel with this trend, the price of SHIB experienced a sharp correction and fell below the decisive level of $0.000010. But instead of mass liquidations, the data suggests reallocations where tokens move from exchanges to long-term or private storage, which may indicate investor resilience.
SHIB’s descending wedge
Technically, SHIB is still trading in a descending wedge pattern around $0.0000100. While still struggling below the 200-day moving average (black line) at $0.0000130, the coin has found some tentative support just above $0.0000095, a level that has been tested several times this month. The short-term catalyst for a relief rebound could be the slightly oversold conditions indicated by the RSI, which is currently around 37.
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But broader sentiment remains cautious about it SHIBfailure to recover above significant resistance levels at $0.0000119 and $0.0000121. As long as the stable support and accumulation formation on the chain persists, a recovery to $0.000011 to $0.000012 is still conceivable. However, SHIB’s weaker support structure could be put to the test again if momentum declines.
Let’s put it this way: SHIBThe composition of the market is changing rapidly, with longer positions and less exposure to exchanges. The course of the coming sessions will determine whether this signals the beginning of a bullish base or just a short-term consolidation.
