$380 Million in Shiba Inu (SHIB) Held on Exchanges: Will It Bounce Here?
According to data from the analytical platform CryptoQuant, around 86.04 trillion SHIB are currently held on exchanges, worth approximately $382.87 million.
Liquidity is thinner
$380 million is somewhat of a baseline in terms of Shiba Inu holdings. The asset has been struggling for almost a year now, and $380 million is the whole supply available for sale. It's important to keep in mind that if someone triggers an 86 trillion Shiba Inu sellout, that batch won't cost $380 million. We'll be lucky to see one-third of it.
COINBASE:SHIBUSDT Chart by TradingView">
Shiba Inu's liquidity is thin if we measure it against institutional appetites. Most of the holders are regular retail investors.
The netflow remains negative, with around 45.5 billion SHIB leaving exchanges over the last 24 hours. Outflows accounted for 333.7 billion SHIB compared with 326.2 billion in inflows.
Inflows and outflows most likely reflect usual trading and investment activities: investors constantly move funds into self-custody and sell them. As we can see, the net value of those funds barely reaches $200,000, making those operations irrelevant to the big picture.
SHIB price prediction
SHIB is currently trading at $0.00000444, below all major moving averages.
Shiba Inu mostly followed the general uptrend, but tumbled fairly quickly due to the general reversal of the cryptocurrency market. The ascending trendline that held the price since July was broken in mid-October, which opened the way toward more losses.
The 200 EMA acted as strong resistance that SHIB was unable to break. The downtrend is much stronger than the bullish reversal attempts SHIB made in October.
RSI is moving around 37, which is somewhat bearish, but not oversold yet. Volume should also surge substantially for any reversal, while right now it sits at its lowest level in months.
The bounce is unlikely to occur here naturally unless SHIB lands on $0.00000413, which was the reversal point back in July, where some buy orders might be concentrated.
Whether buyers can defend the $0.00000413 level or not is the main test for the asset right now. If SHIB violates it, there's no clear support on the chart below, unfortunately.