Shiba Inu logs 538 exchange withdrawals as net SHIB inflow reaches 63.49 billion
In brief
- SHIB exchange withdrawals totaled 538 transactions in the latest on-chain reading, per U.Today.
- SHIB exchange inflow was 247.06 billion tokens against 183.58 billion of outflow.
- SHIB exchange reserve stood at 87.11 trillion tokens, up 0.07% in a day.
- SHIB could slide toward $0.00000460 if $0.00000480 support fails, according to U.Today.
What the exchange flows show
According to U.Today's reading of on-chain data, SHIB exchange inflow came to 247.06 billion SHIB against an outflow of 183.58 billion SHIB. That leaves a net inflow of 63.49 billion SHIB. The report doesn't name the data provider behind the figures.
The 538 figure counts withdrawal transactions, not individual users.
There's one small positive sign in the data. Withdrawals outnumbered deposits by transaction count, and netflow fell 5.42% over 24 hours (the outlet said that pressure is easing but hasn't yet turned positive for buyers). The exchange reserve stood at 87.11 trillion SHIB, up 0.07% in a day. U.Today described a growing reserve as a sign that holders aren't moving their coins to private wallets.
Price levels in U.Today's analysis
SHIB fell from the $0.00000600 area in early October and found support near $0.00000480, the outlet said. It's a slow market right now. U.Today pointed to low volume and an RSI near 40, and read both as sellers still holding more control.
On the upside, U.Today identified resistance at moving averages near $0.00000526 and $0.00000534, with $0.00000560 described as the main barrier. On the downside, the outlet said that if buyers fail to defend $0.00000480, SHIB could slide toward $0.00000460.
What would change the picture
U.Today laid out two conditions for a stronger recovery in its analysis.
"For a stronger recovery, SHIB needs two things: more withdrawals from exchanges and higher volume on green days."
Neither one showed up clearly in the latest reading. Volume was low, and net flows still pointed toward exchanges rather than away from them, with the reserve edging higher on the day. The 5.42% drop in netflow is the one figure moving in buyers' favor, and U.Today said it hasn't turned positive yet.
Frequently asked questions
What does a net exchange inflow of SHIB mean?
In U.Today's reading, 247.06 billion SHIB moved onto exchanges against 183.58 billion SHIB moving off, a net inflow of 63.49 billion SHIB. Netflow fell 5.42% over 24 hours, which the outlet said shows pressure easing but not yet turning positive for buyers.
What price levels is U.Today watching for SHIB?
U.Today identified support near $0.00000480 and resistance at moving averages near $0.00000526, $0.00000534 and $0.00000560, calling the last the main barrier. The outlet said a failure to defend $0.00000480 could send SHIB toward $0.00000460.
