Shiba Inu Logs 97.18B SHIB Net Exchange Outflow in 24 Hours, Pointing to Accumulation
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, posted a notable shift in exchange flows over the past 24 hours as its price bounced with the broader market. SHIB rose about 5% on the day, and on-chain data suggests holders may be moving tokens off trading venues.
CryptoQuant data shows SHIB's exchange netflow turned negative, with a net 97,177,600,000 SHIB leaving exchanges over the last 24 hours. A negative netflow typically signals shrinking exchange reserves as holders opt for self-custody. That dynamic can reduce immediate sell-side liquidity and is often interpreted as accumulation rather than distribution.
The move comes as SHIB continues to recover from a prolonged drawdown. The token remains down 59% from its September peak of $0.0000148 and has logged seven straight monthly declines since last August. The latest outflows suggest some buyers view the current range as a dip-buying opportunity near local support, potentially indicating that selling pressure is easing.
Network activity also ticked higher. CryptoQuant's overview shows active addresses rose 1.08% to 150.375 in the past 24 hours, reflecting growth in unique addresses interacting with the network. Active sending addresses increased 1.17% to 92.875, pointing to more users moving tokens.
Adoption metrics remain firm as well. Recent reporting indicates the holder base continues to expand, with roughly 5,000 to 12,000 new addresses added each month, pushing total holders above 1.55 million. Taken together, rising activity alongside exchange outflows strengthens the case that bulls are attempting to regain control, assuming the trend persists.
On the chart, SHIB appears to be attempting a breakout from a descending trendline on the 1-day timeframe, supported by a nearly 6% gain since the start of today. The same trendline has capped advances since a lower high on February 14 and also limited rallies on March 16 and March 25, when SHIB hit intraday peaks of $0.00000644 and $0.00000628. A daily close above the trendline with strong volume could open the door to further upside.
The next key level cited by technicians is $0.00000846, which aligns with the 200-day moving average. From the current price of about $0.00000612, that would imply a 37.8% rise.
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