Key Takeaways
Shiba Inu (SHIB) on-chain activity has cooled significantly, with exchange outflows declining 21.5 percent in the last 24 hours just as a long-dormant whale wallet transferred 800 billion tokens onto an exchange. The conflicting data points suggest investor uncertainty as the token's price continues to trade below key technical averages.
"The scale does not suggest panic selling," one group of analysts said, linking the move to profit-taking or liquidity provision. Blockchain data from Arkham identifies the transferring wallet, which once acquired 103 trillion SHIB for about $13,700 in 2020, as still controlling 16.2% of the total token supply.
The slowdown in tokens leaving exchanges marks a sharp reversal from previous weeks, pointing to a deceleration in investors moving assets to self-custody. Exchange reserves are holding steady at 80.8 trillion SHIB, but the drop in transfer activity indicates a lack of both strong buying and selling conviction. The major transfer to the CoinMENA exchange, valued at approximately $4.9 million, represents only 0.8% of the whale's total holdings, but it adds a notable amount of supply to the market.
This 'wait-and-see' approach from market participants comes as SHIB's technical structure shows weakness. The token recently broke down from a rising wedge pattern established in March and is trading below its short and medium-term moving averages. However, the price has successfully held the key support level near $0.00000550. Should outflows remain low and support hold, SHIB could attempt a rebound toward the resistance zone between $0.00000630 and $0.00000650, though broader market fragility remains a risk.
This article is for informational purposes only and does not constitute investment advice.
