78.38 Billion SHIB Added To Exchange Reserves

Data from on-chain analytics platform Cryptoquant indicates a substantial 78,376,043,384 SHIB were added to Shiba Inu exchange reserves over the last 24 hours. This metric often suggests increased selling pressure, prompting questions about the token’s future price action despite a recent resurgence.

The total SHIB held on exchanges increased from 81,815,068,028,614 to 81,893,444,071,998, representing a slight increase of 0.06%. The surge in exchange reserves has raised concerns among investors.

The movement coincides with a modest price increase. CoinMarketCap data shows SHIB surged 1.67% in the last day, currently trading at $0.000009315.

Despite a weekly price decline of nearly 8%, the addition of a large amount of SHIB to exchanges suggests some holders are seeking to capitalize on the recent price uptick.

The increased selling activity may reflect a cautious approach among traders amidst broader market uncertainty.

Recent metrics, such as continued increases in Shibarium transactions, signal a potential for a future price rally.

While the increase in exchange reserves does not signify an immediate downturn, it highlights the ongoing volatility within the Shiba Inu ecosystem.

The increased activity could indicate traders are preparing for a potentially significant price movement.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.