New On-Chain Data Shows There Were 121 Billion Shiba Inu (SHIB) Coins moved from crypto exchanges within 24 hours, extending a series of major withdrawals recorded during this month. The movement takes place at a time when the SHIB price is strugglingwhich may indicate that holders are preparing for long-term storage or anticipating a major shift in the market.
Where 121 billion SHIB goes now that prices are falling
CryptoQuant has revealed that approximately 121,256,104,299 SHIB left crypto exchanges on November 15. This latest transfer continues a pattern that has defined the entire month. Previously, on November 14, more than 234.7 billion tokens were withdrawn from exchanges, marking one of the largest single-day outflows in recent months. Four days later, another 84.7 billion remained, followed by another 195.9 billion on November 11. In total, these transfers account for more than SHIB 600 billion going to cold storage in just over two weeks.
This movement could be an indication of changing sentiment among the population SHIB holders potentially positioning themselves for long-term holding as market volatility increases and prices decline. November’s transfers reflect a clear pattern of accumulation despite the crisis decline in the price of SHIBindicating that investors are buying the dip.
Although exchanges have seen billions of tokens disappear recently, there has been a reversal in the flow direction over the past two days. Data from CryptoQuant shows that 59.8 billion SHIB returned to exchanges on November 16, followed by another 36.7 billion at the time of writing. This brings the total inflow to over 96.5 billion, partially offsetting the 121 billion tokens removed on November 15. Such inflows typically indicate short-term profit-taking or repositioning, creating uncertainty as to whether holders plan to re-enter or respond to the market. further price volatility.
Shiba Inu records a years-long price decline
The broader trend of shrinking foreign exchange reserves coincides with a significant decline in SHIB’s valuation. CoinMarketCap reports that Shiba Inu is down more than 63% this year, reflecting continued bearish pressure. In the past week alone, the meme coin is down about 10% and remains in negative territory, trading around $0.000009. Remarkable, this downward momentum continues to weigh on market sentiment.
Crypto analyst Jack noted that, amid the decline in foreign exchange reserves and rising burn rates, buyers are stepping in to accumulate SHIB tokens with every price drop. He says these developments create the perfect recipe for a supply shock, which could set the stage for one potential recovery.
Jack emphasized that Shiba Inu still has an important demand zone, with momentum indicators such as the Relative Strength Index (RSI) begins to show strength. If these conditions continue and momentum builds, he believes it SHIB can finally break out of its current range. He points to $0.000010, $0.000011 and $0.000013 as the next resistance levels and bullish objectives.
Featured image of Peakpx, chart from Tradingview.com
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