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More than 260 billion Shiba Inu tokens have flowed into crypto exchanges over the past 24 hours, potentially increasing selling pressure on $SHIB.
According to CryptoQuant data, Shiba Inu’s total exchange inflow currently stands at 599.18 billion $SHIB, marking a 2.62% increase over the past 24 hours. Meanwhile, exchange outflows reached 334.94 billion tokens, up 1.07% during the same period.
As a result, the difference between inflows and outflows leaves $SHIB with a net exchange inflow of 264.24 billion tokens.
This imbalance could raise concerns about potential profit-taking. Investors often transfer tokens to exchanges when they intend to trade or sell them.
Shiba Inu Exchange Reserve Tops 87 Trillion $SHIB
Moreover, the increase in exchange flows has pushed the amount of $SHIB held on trading platforms higher. CryptoQuant data shows that Shiba Inu’s exchange reserve has climbed to 87.12 trillion tokens, representing a 0.3% increase. At press time, these holdings were worth $461.73 million.
Although the increase remains relatively modest, its direction is noteworthy. A rising exchange reserve means more $SHIB is readily available on trading platforms. Consequently, these tokens could become easier to sell, increasing the amount of supply potentially available to the market.
Large $SHIB Transfers Strengthen Exchange Inflows
The exchange-flow data also points to increased activity among larger transactions.
Currently, the average exchange inflow stands at 1.20 billion $SHIB, compared with an average outflow of 459.38 million tokens. Similarly, the top 10 exchange inflows average around 10.63 billion $SHIB, while the top 10 outflows average 3.56 billion tokens.
These figures show that larger $SHIB transfers are currently moving toward exchanges at a faster pace than they are leaving them. Furthermore, $SHIB’s seven-day moving average for exchange inflows has climbed sharply. CryptoQuant records the MA7 inflow at 858.76 million $SHIB, representing a 183.45% increase.
$SHIB Pulls Back From Recent Highs
The development comes as Shiba Inu retreats significantly from its recent highs. After briefly crossing $0.0000061 over the weekend, $SHIB has now fallen below $0.0000053.
At press time, Shiba Inu trades at $0.000005279, down 2.85% over the past 24 hours. However, the token remains slightly higher on the weekly timeframe, gaining 1.24%. It is up 13.89% over the past month, but down 57.96% over the past year.
Source: cryptonews.net