Shiba Inu Sees Exchange Outflows and Active Address Growth as Price Stabilizes
Shiba Inu (SHIB) is seeing reduced selling pressure as a net 32.76 billion tokens departed trading platforms over a 24-hour period. Total exchange reserves fell sharply over the past week to 87.09 trillion tokens, holding flat with a minor 0.02% change in the last day. At the same time, daily active addresses on the network rose 1.01% to reach 165,200.
Moving tokens off exchanges into private storage typically indicates that investors prefer to hold rather than sell, which can ease downward price pressure. Despite broader multi-month declines, including a 25.50% drop this year and a 50.19% decrease over the past 12 months, SHIB has gained 24.23% over 90 days. Trading in derivatives remains relatively calm, with $28,800 in total 24-hour liquidations, mostly from short positions.
Market participants are monitoring whether exchange outflows remain consistently negative or if exchange reserves begin rising again, which would signal returning sell orders. Key technical levels include resistance near $0.0000052 at the top of its recent range, while a drop below the recent low of $0.00000494 could indicate renewed downside momentum.
Key points
- Net exchange outflows reached 32.76 billion SHIB in 24 hours, bringing total exchange reserves to 87.09 trillion tokens.
- Active daily network addresses grew by 1.01% to reach 165,200 users.
- Derivatives liquidations totaled $28,800 over 24 hours, with short positions accounting for $26,230 of that total.
- SHIB remains down 25.50% year-to-date and 50.19% over the past year, though it is up 24.23% over 90 days.
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How we writeDisclaimerQuestions and answers
Why are tokens leaving crypto exchanges for Shiba Inu?
When investors transfer SHIB tokens off trading platforms into private storage, it generally indicates an intention to hold rather than sell, reducing immediate selling pressure on exchanges.
How are active addresses trending on the Shiba Inu network?
Daily active addresses on the network increased by 1.01% to 165,200, reflecting a slight rise in overall blockchain usage.
What price levels are important for SHIB?
Traders are watching $0.0000052 at the top of its recent range as potential resistance, while a fall below $0.00000494 would signal potential renewed weakness.