Shiba Inu (SHIB), 2.3 Billion Exited Exchanges... 'Catching Breath' Rather Than a Burn Explosion?

▲ Shiba Inu (SHIB)

Shiba Inu (SHIB) recorded a net outflow of 2.31 billion SHIB from exchanges over 24 hours. This is a sign that exchange inflows and outflows are nearing equilibrium, rather than a large-scale burn.

According to U.Today on August 1st (local time), Shiba Inu's net exchange flow was recorded at minus 2.31 billion SHIB over the recent 24 hours. A negative net flow means that slightly more volume exited exchanges than entered. Compared to previous volatile periods where trillions of SHIB moved, the scale is not significant. This is the background for the analysis that the market has entered a sideways trend rather than aggressive accumulation or large-scale selling.

The amount of Shiba Inu held by centralized exchanges remained largely unchanged at approximately 86.99 trillion SHIB. The 7-day average of exchange withdrawals decreased by 16.6%. Exchange deposits increased by 0.65%. As the previous surge in withdrawals subsided, neither buyers nor sellers have secured a clear advantage.

While speculative trading slowed, network activity was maintained. Active addresses that received Shiba Inu increased by 0.86% in one day. Total active addresses also grew by 0.81%. The number of transactions also slightly increased. This means that although the movement of exchange volumes has decreased, user participation in the network continues.

In terms of technical trends, the 50-day and 100-day moving averages are acting as short-term support levels. The area around $0.00000598, where the 200-day moving average is formed, has been presented as a key resistance level. During the recent breakthrough attempt, it approached around $0.000005 but could not maintain the upward momentum. Subsequently, profit-taking volumes emerged, pushing it back to the moving average support zone.

The Relative Strength Index (RSI) entered an overbought zone during the upward trend and then descended to the mid-50s. The analysis suggests that while the upward momentum has slowed, it has not transitioned into a bearish phase. If exchange holdings decrease and net outflows increase again, the possibility of new accumulation could grow. Conversely, if an increase in exchange inflows and a price drop occur together, it signals an increase in sell-ready volumes. On-chain indicators and technical trends point to a sideways consolidation phase that is digesting recent gains, rather than a new trend.

[Article Key Summary]

-Shiba Inu's 24-hour net exchange flow was recorded at minus 2.31 billion SHIB, which is a net outflow, not a burn volume.

-Exchange holdings remained at approximately 86.99 trillion SHIB, and the 7-day average of withdrawals decreased by 16.6%.

-The Relative Strength Index (RSI) descended to the mid-50s, and on-chain indicators and technical trends pointed to a sideways phase.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*