Shiba Inu whales deposit over 2 billion SHIB as negative net flow hits 20 billion

Shiba Inu whales made significant moves over the past 24 hours, with the top 10 wallets depositing more than 2 billion SHIB tokens onto major exchanges, according to on-chain data provider CryptoQuant. The deposited tokens, valued at $0.00000446 each, contributed to a total 2.281 billion SHIB transferred by these large holders within a single day.

SHIB exchange activity signals selling pressure

The overall exchange reserves for Shiba Inu have dropped slightly to 86.1617 trillion SHIB, which equates to $384.28 million at current prices. During the same 24-hour period, exchanges also recorded withdrawals totaling 3.4772 billion SHIB, highlighting both inflows and outflows from large holders.

Despite these opposing movements, CryptoQuant’s statistics on net flows revealed a markedly negative trend, with Shiba Inu registering a net outflow of 20.0745 billion tokens across all major trading platforms. Analysts typically interpret mass migrations of tokens to exchanges as indicators of potential short-term selling, potentially putting downward pressure on prices.

The exchange reserve for Shiba Inu declined by 0.02% over the past day, while the dollar value of those reserves slipped by 0.47%, underscoring the impact of recent price volatility on the token’s market value.

Over 2 billion SHIB were deposited on exchanges by leading wallets, while total negative net flow reached 20.07 billion tokens within 24 hours, raising concerns over short-term selling pressure and volatility in Shiba Inu’s price.

Price action: Key support and resistance levels

After a brief rally earlier this month, Shiba Inu’s price trend has remained subdued, with a sharp downturn observed in early November. According to TradingView data, SHIB has lost an important support level at $0.00000480 and is now trading around $0.00000447, hovering sideways near its recent local bottom.

The nearest support range lies between $0.00000440 and $0.00000442. Should these levels fail to hold, the next area of potential decline is $0.00000410, which may attract further selling if breached.

Conversely, a move above the former support at $0.00000480 would signal the beginning of a recovery. If such a breakout occurs, price targets between $0.00000540 and $0.00000550, last tested in October, could become relevant once again.

Shiba Inu is a decentralized, Ethereum-based cryptocurrency launched as a meme token and later adopted by an active community. It is one of the most traded tokens among retail and whale investors alike, frequently making headlines due to its large holding concentrations and high volatility.

Mini dictionary: CryptoQuant is an on-chain analytics platform that provides real-time data and insights on cryptocurrency flows, including exchange reserves and wallet activities. Its data is widely used by crypto analysts to monitor trends among large token holders.