Shiba Inu Exchange Reserve Hits Four-Month High Above 88 Trillion SHIB
Key Takeaways
- •Shiba Inu's exchange reserve stood at 88,076,900,000,000 SHIB as of October 3, its highest level since around June 3, marking a four-month high.
- •SHIB's exchange netflow posted a positive balance exceeding 288 billion tokens, meaning more SHIB entered exchanges than exited them.
- •Rising exchange balances are generally interpreted as an increase in tokens within immediate reach of being sold.
- •SHIB's price declined nearly 3% over the past 24 hours, and analysts suggest bearish traders may be taking over the market amid speculation that demand has faded.
- •Upcoming CryptoQuant readings will show whether deposits continue to outpace withdrawals and whether exchange supply and price action keep moving in tandem.
Shiba Inu (SHIB) has failed to recover from its recent price drawdown, and the bearish momentum is now spilling over into the meme token's on-exchange activity. With the broader cryptocurrency market also navigating a downtrend, the latest on-chain data from crypto analytics platform CryptoQuant shows that Shiba Inu's exchange supply is climbing.
Reserve and netflow metrics of this kind are closely watched barometers of trader behavior: tokens sitting on exchanges are readily available for trading, so a rising exchange balance is generally read as an increase in potential selling supply, while tokens withdrawn to private wallets are often interpreted as being moved out of immediate selling reach. It is against this backdrop that SHIB's latest readings stand out.
88 Trillion SHIB Exchange Reserve
The figures point to decidedly bearish exchange behavior: SHIB's exchange netflow reflects a positive balance of more than 288 billion SHIB, meaning more tokens have entered exchanges than left them, while the Shiba Inu exchange reserve has reclaimed the 88 trillion SHIB territory.
According to the data, Shiba Inu's available supply across all supported exchanges stood at 88,076,900,000,000 SHIB as of October 3. This is the highest level the Shiba Inu exchange reserve has reached since around June 3, when the market was extremely volatile, marking a four-month high for the metric.
The return to the 88 trillion SHIB threshold has come at a time when the asset has slowed significantly in its price movement, and the metric provides a bearish outlook for SHIB. The figures were highlighted in a report published by U.Today.
Shiba Inu Price Outlook
As of press time, Shiba Inu is trading on a downward trajectory, showing a decline of nearly 3% in its price over the past 24 hours. The sluggish price action has coincided with the rising exchange supply, and analysts predict that bearish traders might be taking over the market.
Shiba Inu's recent exchange activity has drawn attention from market participants amid speculation that demand for SHIB has suddenly faded and traders are selling off their holdings, positioning the token for more downside moves.
With the reserve back at levels last seen during June's volatility, upcoming CryptoQuant readings will show whether deposits continue to outpace withdrawals, and market participants are watching whether exchange supply and price action keep moving in tandem.
