Massive Shiba Inu sell‑offs are looming, with 82 trillion deposits poised to drive the SHIB price down.
On‑chain data show about 82 trillion Shiba Inu held on exchanges, up from roughly 81 trillion at the start of the year. The higher reserve signals increased selling pressure. CryptoQuant reports a positive netflow, meaning more coins are being deposited into exchanges than withdrawn. This shift aligns with the rise in the exchange reserve. The SHIB price slipped from a peak above $0.000009 to around $0.000008752, erasing part of its yearly gains. The decline coincided with a broader crypto downturn, as Bitcoin fell back to $90,000 after briefly topping $94,000. Negative market sentiment is likely fueling SHIB sell‑offs. The coin remains vulnerable to further price drops. CoinGlass records a 5 % drop in SHIB trading volume to $203 million. Open interest also fell by more than 7 % to $108 million. Despite the downturn, the long‑short ratio stays above 1, indicating that most traders are still bullish on the meme coin. Santiment notes a 111 % surge in whale transactions, placing SHIB among tokens with $500‑plus market caps that saw whale moves over $100 000. Daily active addresses have stayed above the 3,000 mark since early 2024, showing renewed community interest. These factors could support the price if the broader market recovers.
