The average outflow of Shiba Inu (SHIB) tokens from exchanges has reached a new high, with mean withdrawals now exceeding 1 billion tokens per transaction, according to CryptoQuant data.
Despite the surge in outflows, inflows remain larger, with approximately 86 trillion SHIB tokens currently held on exchanges. The increase in withdrawals appears driven primarily by retail investors rather than institutional activity, suggesting that larger players remain sidelined or unexposed to SHIB.
Market Conditions and Network Activity
SHIB dipped to $0.00000416, approaching its July low of $0.00000413. The cryptocurrency experienced heightened volatility and network activity over the past 24 hours, marked by increased active addresses and transaction counts.
The broader cryptocurrency market faced significant pressure, including $1.6 billion in liquidations and Bitcoin declining below the $70,000 level. Most altcoins showed limited selling activity as they were already oversold. SHIB does not strongly correlate with Bitcoin but tracks more closely with altcoins in its category, including XLM, XRP, and Ethereum.
Trading Outlook
Trading volumes for SHIB remain extremely low, indicating limited volatility momentum. Momentum indicators provide minimal guidance for directional movement. Analysts note that the most significant selling pressure may have already occurred, though the overall market picture remains weak with ongoing accumulation activity that could be attributed to automated market operations.
