207 billion SHIB tokens leave exchanges in a 24-hour period, the largest outflow in months.
Summary
- 207 billion SHIB tokens left exchanges within 24 hours, marking the largest withdrawal in months.
- Despite the large outflows, SHIB’s price remained stable due to weak market momentum and technical resistance.
- Investors show neutral stance and hold tokens as Shiba Inu waits for new project announcements.
Shiba Inu (SHIB) experienced a major withdrawal event when 207 billion SHIB tokens left cryptocurrency exchanges in a single day, according to CryptoQuant facts. The recent shooting ranks as one of the largest single-day shootings in recent months.
CryptoQuant’s data shows that 121 billion SHIB tokens left exchanges on November 15 before continuing their exit pattern until November 16.
The reduction in exchange supply could not affect SHIB price movements due to existing technical obstacles. The token was operating in a support area when analysts conducted their assessment. The Relative Strength Index showed 39, while all major moving averages maintained a position above the current market value according to technical analysis.
The Relative Strength Index showed 39, indicating weak market momentum. Trading activity remained at a steady level as investors chose to maintain their positions rather than sell their assets according to market statistics.
Technical analysts predict that SHIB will need to break past its current support levels to test the first resistance area where moving averages cross. The current token price remains below both resistance levels that have not been tested since the start of the token outflow.
The exchange data shows no correlation between market price movements and token withdrawal activities. The accelerated withdrawals of exchange tokens create a situation where sellers face reduced available supply. Market participants who remove their tokens from exchanges indicate that they want to maintain their positions rather than sell their assets.
Current market behavior deviates from distribution patterns as tokens hit the exchange before investors start selling. Historical data shows that long-term exchange rate pullbacks have led to changes in market trends, although investors cannot predict when these events will occur.
The current market value of Shiba Inu is 90% below peak market value. According to market reports, the cryptocurrency market experienced significant price fluctuations in November.
The Shiba Inu development team has announced upcoming projects, but they have not revealed any details about these initiatives. Market observers note that the trading activity indicates that investors have taken a neutral stance rather than buying or selling their tokens.
