Shiba Inu (SHIB) continues to face mounting selling pressure as large volumes of the meme coin have recently moved onto cryptocurrency exchanges, signaling caution among traders and investors. Recent on-chain data indicates that 92.07 billion SHIB tokens have flowed into exchanges on a net basis, raising concerns about potential further declines as the token struggles to generate bullish momentum.
Rising exchange activity and netflows
Analytics platform CryptoQuant reported that SHIB’s net exchange flow reached 92.0678 billion, marking a 0.77% increase in the past 24 hours. Net positive exchange flows typically indicate that more tokens are entering exchanges than leaving, which can increase the available supply for potential selling.
Total inflows to exchanges reached 324.281 billion SHIB, up 1%, while outflows measured 232.2131 billion SHIB, a 1.13% rise. The resulting net deposit of about 92 billion tokens suggests that traders may be preparing to either sell their holdings or remain responsive to prevailing market volatility.
Exchange reserves for SHIB stood at 86.2525 trillion tokens, increasing 0.11% within the same timeframe. However, the US dollar value of those reserves declined 2.9% to approximately $418.32 million, reflecting decreasing SHIB prices despite higher token balances.
Similar patterns have emerged in recent months. For instance, on October 23, SHIB saw net inflows of 77.3 billion tokens, showing that these spikes in selling pressure have been a recurring theme in the market.
| Metric | Recent Value | Change (%) |
|---|---|---|
| Net exchange flow | 92.07 billion SHIB | +0.77% |
| Exchange inflow | 324.28 billion SHIB | +1.0% |
| Exchange outflow | 232.21 billion SHIB | +1.13% |
| Exchange reserves | 86.25 trillion SHIB | +0.11% |
| Reserves value (USD) | $418.32 million | -2.9% |
Technical outlook remains cautious
Technical indicators point to a weak near-term outlook for SHIB. The daily chart from TradingView shows the token trading at around $0.00000489, with recent closes below several major moving averages. This follows an unsuccessful effort to reclaim higher price levels earlier in October.
SHIB previously approached the $0.0000060 mark but met resistance and reversed direction, failing to maintain gains above $0.0000052. Sellers have since kept control of the price action, with immediate psychological resistance situated near $0.0000050 and stronger resistance expected between $0.0000054 and $0.0000056.
On the downside, SHIB sees initial support at $0.0000048, with a further fall potentially exposing the $0.0000044 area as the next significant level.
Momentum indicators are also signaling caution. The Relative Strength Index (RSI) for SHIB remains below the neutral 50 threshold, indicating subdued buying activity and reinforcing the prevailing bearish sentiment.
While SHIB’s net inflows to exchanges and technical indicators both highlight persistent selling pressure, analysts remain watchful for signs of a potential shift should support levels hold or market sentiment improve.
