Despite major turbulence in the cryptocurrency market over the past 24 hours, Shiba Inu (SHIB) has managed to maintain its resilience. Significant transfers of SHIB tokens to exchanges prompted concerns of a potential short-term selloff, yet the price held above a critical support level.
Surge in SHIB inflows to exchanges
Recent data shows that 31.74 billion SHIB tokens have flowed into exchanges in the last 24 hours. This substantial influx has sparked worries about increased short-term selling pressure, as tokens held on exchanges are typically seen as assets ready to be sold—often indicating investor expectations of a near-term price drop.
The rise in SHIB reserves on exchanges points to slightly increased supply on the market. As liquidity expands, analysts note that this can amplify downward pressure on the token’s price.
Looking at long-term trends, the seven-day average of SHIB inflows has dropped by 14.5 percent to 697.8 million tokens, which signals that large-scale transfers have slowed.
This suggests that while daily activity is high, long-term investors appear more cautious when it comes to executing sizable transactions.
Weak market demand and measured outlook
Even as exchange transfers of SHIB accelerate, ongoing uncertainty in the overall cryptocurrency market takes center stage. Elevated supply levels make it difficult for the token to break upward, and this effect is especially pronounced when buyer interest is subdued.
Open interest in SHIB derivatives fell over 6 percent in the last 24 hours, reaching $57.5 million, while total trading volume declined 24 percent to $114.7 million. These figures indicate that investors are treading carefully and may be bracing for a sudden shift in market direction.
SHIB price defends its support zone
Despite what many consider unfavorable market conditions and persistent selling pressure, data from CryptoAppsy shows Shiba Inu trading at $0.000006229. Over the previous 24 hours, SHIB saw a modest rise of 0.61 percent and succeeded in staying above the critical $0.0000060 support level.
SHIB is also holding its 50-day moving average at $0.00000591. In technical analysis, this line often serves as a dividing point between bullish and bearish momentum. Clinging to this level signals that buyers remain active in the market.
While other major cryptocurrencies underperformed during this period, SHIB’s ability to hold support could boost investor confidence in the token’s outlook.
