Fresh on-chain data reveal that 121 billion Shiba Inu (SHIB) coins were moved from crypto exchanges in 24 hours, extending a series of large withdrawals recorded throughout this month. The movement occurs at a time when the SHIB price is struggling, which may indicate that holders are either preparing for long-term storage or anticipating a major shift in the market.
Where 121 Billion SHIB Are Headed As Prices Fall
CryptoQuant has revealed that approximately 121,256,104,299 SHIB exited crypto exchanges on November 15. This latest transfer continues a pattern that has defined the entire month. Earlier, on November 14, over 234.7 billion tokens were withdrawn from exchanges, marking one of the largest single-day outflows in recent months.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 was left, followed by an additional 195.9 billion on November 11. Altogether, these transfers account for well over 600 billion SHIB being moved into cold storage in just over two weeks.
This movement could be an indication of shifting sentiment among SHIB holders who may be positioning for long-term custody as market volatility rises and prices decline. November’s transfers reflect a clear accumulation pattern despite the downturn in SHIB’s price, suggesting that investors are buying the dip.
While exchanges have seen billions of tokens exit recently, the last two days saw a reversal in flow direction. CryptoQuant data 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 profit-taking or short-term repositioning, creating uncertainty about whether holders plan to re-enter the market or respond to further price volatility.
Shiba Inu Records Year-Long Price Drop
The broader trend of shrinking exchange reserves coincides with a significant decline in SHIB’s valuation. CoinMarketCap reports that Shiba Inu is down more than 63% this year, reflecting a persistent bearish pressure. Over the past week alone, the meme coin has declined by approximately 10% and remains in negative territory, trading at around $0.000009. Notably, this downward momentum has continued to weigh on market sentiment.
Crypto analyst Jack noted that, amidst the decline in exchange reserves and rising burn rates, buyers are stepping in at every price dip to accumulate SHIB tokens. He says these developments are creating the perfect recipe for a supply shock, which could set the stage for a potential recovery.
Jack emphasized that Shiba Inu is still holding a key demand zone, with momentum indicators like the Relative Strength Index (RSI) starting to show strength. If these conditions persist and momentum kicks in, he believes that SHIB may finally break out of its current range. He points to $0.000010, $0.000011, and $0.000013 as the next resistance levels and bullish targets.
Featured image from Peakpx, chart from Tradingview.com
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