Shiba Inu is buying and selling close to $0.00000503, and the on-chain data indicates that only a few holders are shifting tokens off exchanges. Only 538 withdrawal transactions were recorded in the latest reading. For a token with such a large community, this is a very small number.
Shiba Inu outflows aren't what they seem
Withdrawals are higher than deposits by count, which is a small positive sign. But the amounts matter more than the number of transactions. Exchange inflow stands at 247.06 billion SHIB, while outflow is 183.58 billion SHIB.
SHIB/USDT Chart by TradingView
This leaves a net inflow of 63.49 billion SHIB. In simple terms, more coins are coming into exchanges than leaving them. This is mostly a bearish signal, because tokens on exchanges can be sold quickly.
The netflow did drop 5.42% in the last 24 hours, so the pressure is easing, but it has not yet turned positive for buyers. The exchange reserve is 87.11 trillion SHIB and grew by 0.07% in a day.
Barely any withdrawees
A growing reserve means holders are not shifting their coins to private wallets. Long-term holders commonly withdraw tokens when they anticipate higher prices, and that is not happening right now.
The chart indicates the same weak mood. SHIB dropped from the $0.00000600 region in early October and found support near $0.00000480. It has since produced a small green candle, but the move is weak. Volume is low, and the RSI sits near 40, which indicates sellers still have greater control.
The first resistance is the orange moving average near $0.00000526. Above it, the blue line sits near $0.00000534, and the black line near $0.00000560 is the main barrier. SHIB has to climb above these levels to show real strength. If buyers fail to defend $0.00000480, the price may slide toward $0.00000460.
For a stronger recovery, SHIB needs two things: more withdrawals from exchanges and higher volume on green days. Until then, the small number of buyers taking tokens off exchanges indicates that confidence is still low.