Shiba Inu Exchange Reserve Hits All-Time Low
Shiba Inu’s exchange reserve has reached a new all-time low, as users continue to withdraw tokens despite market volatility. SHIB has seen significant declines, down nearly 63% since December 2024.
Exchange Reserve Decline
As of March 16, 2024, Shiba Inu’s exchange reserve hit 93.573 trillion tokens, accounting for 15.88% of its circulating supply, according to CryptoQuant. This decline reflects market sentiment, although actual numbers may vary due to untracked exchange wallets. The ongoing trend has seen withdrawals, including a notable 1.67 trillion SHIB extracted in 24 hours last November, hinting at confidence from HODLers.
Potential Impact on Price Recovery
This trend of withdrawals is bullish for SHIB, reducing sell pressure and signaling investor confidence. Currently, Shiba Inu is attempting a recovery, with three consecutive daily gains since March 14, moving from $0.00001201 to $0.00001322. If it breaks resistance around $0.00001380, it could turn bullish. The token is targeting a pivot level at $0.00001493.
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