Shiba Inu is showing resilience despite a sharp increase in tokens moving to exchanges. Data indicates that 31.74 billion SHIB entered trading platforms within 24 hours, raising concerns about potential selling pressure.
This influx suggests that holders may be preparing to sell. Tokens held on exchanges are easier to liquidate, which often signals short-term bearish sentiment. Exchange reserves have also increased slightly, reflecting a higher available supply in the market.
However, the broader trend shows a decline in large inflows. The seven-day average of SHIB deposits has dropped by 14.5% to 697.8 million tokens. This suggests that large-scale transfers are slowing, even as daily activity spikes.
Exchange Activity Signals Caution
The increase in exchange inflows comes at a time when demand across the crypto market remains uncertain. Higher supply levels can limit upward price movement, especially when buyer activity is weak.
At the same time, market participation has declined. Open interest in SHIB derivatives has fallen by over 6% to $57.5 million. Trading volume has also dropped by 24% to $114.7 million. This indicates that traders are taking a cautious stance and waiting for clearer signals.
Funding rates remain slightly positive at 0.0064%. This shows that long positions still dominate, though sentiment is only mildly bullish.
Price Holds Key Support Level
Despite ongoing pressure, SHIB has held above a key support level. At the time of writing, Shiba Inu trades at $0.000006229, marking a gain of 0.61% over the past 24 hours while staying firmly above the $0.0000060 threshold.
It also remains above its 50-day moving average of $0.00000591. This level is often seen as a boundary between bullish and bearish trends. Holding above it suggests that buyers are still active.
This stability comes even as major cryptocurrencies show weaker performance over the same period. Maintaining support levels may strengthen investor confidence.
