Shiba Inu (SHIB) held on cryptocurrency exchanges was worth $331.96 million, down 6.81% in a day, according to CryptoQuant data cited in a report, putting the total value close to a $300 million threshold.
The report said exchange-held SHIB could fall below $300 million for the first time in four years as the broader bearish market worsens. It attributed the decline primarily to the falling market value rather than fund outflows.
Exchange reserves and flows
In token terms, reserves declined by only 0.05%, with about 86 trillion SHIB still sitting on exchanges. The report described $332 million as a baseline representing the supply available for sale, while warning that a full sellout of 86 trillion SHIB would not fetch that amount because liquidity is thin relative to institutional appetite; most holders are retail investors.
Netflow remained negative, with about 45.9 billion SHIB leaving exchanges over the previous 24 hours, the report said. Those flows most likely reflected routine trading activity as investors moved funds into self-custody or sold, according to the report.
Price action
SHIB invalidated the $0.000004 level and was bouncing, but the move was not accompanied by a surge in volume or momentum. The report said the bounce was caused by the token's oversold state rather than a change in trend.
The asset showed a stronger correlation with altcoins of a similar tier than with Bitcoin, and most of those altcoins were also oversold, according to the report.
SHIB dropped to about $0.0000037 on November 14, losing its July low of $0.00000413 along the way. Its RSI fell below 30 at the same time, entering oversold territory.
For exchange-held reserves to fall below $300 million, the report said SHIB would need to drop to about $0.0000035, roughly 11% below the $0.00000394 level cited at the time.
