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Shiba Inu’s exchange reserve is approaching the key 87 trillion $SHIB threshold as more tokens leave crypto trading platforms.
Shiba Inu recorded a significant decline in its exchange reserve over the past 24 hours. Data from CryptoQuant shows that 213.88 billion $SHIB flowed into crypto exchanges, while users withdrew around 458.87 billion $SHIB within the timeframe.
As a result, $SHIB recorded a negative exchange netflow of 244.99 billion tokens. In other words, nearly 245 billion more $SHIB left exchanges than entered them during the period.
Consequently, the amount of Shiba Inu held on exchanges fell to approximately 87.0059 trillion $SHIB. At this level, the reserve sits just 5.9 billion $SHIB above the 87 trillion threshold. Therefore, continued outflows could soon push exchange-held supply below this level.
A declining exchange balance could potentially ease immediate selling pressure because fewer tokens would remain readily available on trading platforms for investors looking to sell. However, exchange outflows do not guarantee a price increase, as investors can move tokens back to exchanges when market conditions change.
$SHIB Exchange Supply Has Struggled to Stay Below 87 Trillion
Notably, this is not the first time Shiba Inu’s exchange reserve has fallen below the 87 trillion $SHIB mark. On previous occasions, the balance briefly dipped below the threshold before recovering as investors transferred more tokens back to exchanges.
Therefore, while another move below 87 trillion $SHIB could attract attention, maintaining the level could prove more significant than briefly crossing it.
If withdrawals continue to outpace deposits, the declining reserve could offer stronger evidence that investors are keeping their $SHIB away from trading platforms rather than preparing to sell.
$SHIB Price Remains Under Pressure
Despite the reduction in exchange-held $SHIB, the development has yet to produce a positive market reaction.
At press time, $SHIB was trading at $0.000005094, down 2.52% over the past 24 hours and 4.35% over the past seven days. At this price, Shiba Inu had a market cap of roughly $3 billion, ranking it as the 30th-largest crypto asset by market value.
Thus, the continued price decline shows that shrinking exchange supply has so far failed to offset broader selling pressure.
$SHIB Liquidations Reach $76,000
Meanwhile, the recent weakness has affected traders holding leveraged $SHIB positions. Around $76,000 worth of $SHIB futures positions were liquidated over the past 24 hours.
Long traders betting on a price increase suffered most of the losses, accounting for $70,090 in liquidations, equivalent to around 13.75 billion $SHIB at the current price.
Source: cryptonews.net