Shiba Inu (SHIB) is experiencing a decline today, likely due to a significant sell-off, as a large volume of tokens has been transferred to exchanges in the last 24 hours. On October 7, market participants, including whales, sent 1.3 trillion SHIB tokens to centralized exchanges, probably for liquidation. This follows a trend from the previous day when 789 billion SHIB was also sent to exchanges.
Shiba Inu inflow data over the past week. Image source: CryptoQuant
In contrast, on Monday, only 943.89 billion SHIB tokens were withdrawn from exchanges to external wallets, resulting in a net inflow of 358 billion SHIB. This means that more tokens were deposited into exchanges than were withdrawn, increasing the selling pressure on Shiba Inu. This kind of activity usually means potential selling activity, which puts downward pressure on the price.
As of this writing, SHIB is trading at $0.00001755, having fallen by 3% today, marking a negative trend over the past week.
So far today, market participants have sent 366.97 billion SHIB tokens to exchanges, less than the previous day.
Key Resistance and Market Outlook
Currently, Shiba Inu faces key resistance around the $0.00001800 level. If the movement reverses and breaks above this level, it could signal the potential for a larger market rally. Analysts have identified a significant breakout zone at $0.00002000; surpassing this level would indicate stronger buying pressure and potentially lead to a more substantial rally.
On the downside, SHIB has critical support at $0.00001500. If the current net flow trend continues and SHIB fails to break through resistance, maintaining this support level will be crucial for preserving its recent uptrend.