85 Trillion Shiba Inu Threshold Back in Play: How Long Till SHIB Removes a Zero?
Shiba Inu's exchange reserves have fallen to approximately 85 trillion SHIB tokens as of October 31, amid broader crypto market selling pressure.
Despite intense selling pressure in the broader crypto market, Shiba Inu is displaying different signals as onchain data reveals a significant reduction in exchange reserves. The amount of SHIB tokens held across all crypto exchanges has decreased to about 85 trillion as of October 31, down from 87 trillion seen in previous days.
This represents a 0.007% decline in Shiba Inu's exchange reserve over the last 24 hours, suggesting that demand may be outpacing sell activity for the meme token. The data comes from crypto analytics platform CryptoQuant, which has tracked consistent rejection of expected breakouts for SHIB.
Negative Netflow
The asset recorded a negative exchange netflow of 61.36 billion SHIB on October 31, following a 1% price decline over the previous day. This negative outflow indicates that demand has returned to the SHIB ecosystem, with bull traders actively participating in the market.
With such a large negative outflow, it appears that the overall reserve could further fall to 84 trillion SHIB in the near future if buying continues.
Market Recovery Potential
The declining exchange reserves and negative netflow have drawn attention from market analysts, who are questioning whether SHIB might be preparing for a major price recovery. This development stands in contrast to the broader market trend, which remains negative despite renewed interest in the leading meme token.
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