Shiba Inu Faces Selling Pressure as 92 Billion SHIB Floods Crypto Exchanges

What to Know

• Shiba Inu recorded 92.07 billion SHIB in net exchange inflows, reflecting increased token deposits amid persistent cryptocurrency selling pressure.
• Exchange reserves climbed to 86.2525 trillion SHIB, while their combined dollar value declined 2.9% to approximately $418.32 million.
• SHIB traded near $0.00000489, facing resistance at $0.0000050, while weakening technical indicators highlighted potential downside risks toward $0.0000048 support.

Shiba Inu recorded 92.07 billion SHIB in net exchange inflows as rising deposits coincided with weakening prices and resistance. According to CryptoQuant data, exchange netflow reached 92.0678 billion SHIB, increasing 0.77% over the previous 24 hours.

The figures showed more tokens entering cryptocurrency exchanges than leaving, increasing balances available for potential trading activity. Exchange inflows totaled 324.281 billion SHIB, up 1%, while withdrawals increased 1.13% to 232.2131 billion tokens.

The difference left approximately 92 billion SHIB in net deposits as the cryptocurrency traded near $0.00000489. Meanwhile, exchange reserves increased 0.11% to 86.2525 trillion SHIB, reflecting higher token balances across trading platforms.

Their combined dollar value nevertheless declined 2.9% to approximately $418.32 million as SHIB prices weakened. October 23 also brought substantial deposits, with the cryptocurrency recording approximately 77.3 billion SHIB in net exchange inflows.

Shiba Inu Struggles Below Resistance as Technical Indicators Weaken

Shiba Inu remained below several major moving averages on its daily chart, limiting progress toward recovering earlier price levels. TradingView data placed SHIB around $0.00000489 following an unsuccessful attempt to sustain gains earlier in October.

The token previously approached $0.0000060 before encountering resistance and reversing toward lower levels during subsequent trading sessions. Its failure to hold above $0.0000052 left the cryptocurrency trading beneath another important short-term price threshold.

Immediate resistance stood near $0.0000050, while stronger selling barriers appeared between $0.0000054 and $0.0000056. On the downside, the daily chart identified $0.0000048 as nearby support, followed by another potential level around $0.0000044.

Source: TradingView

Additionally, the Relative Strength Index remained below its neutral 50 reading, reflecting subdued buying momentum. That technical weakness accompanied rising exchange reserves and the decline in the dollar value of exchange-held SHIB.

Together, these readings showed how increased exchange deposits coincided with the cryptocurrency’s struggle to recover lost ground. Shiba Inu’s latest net inflows therefore added to October’s exchange activity while the token remained below key resistance. The $0.0000048 support level and $0.0000050 resistance area mark the nearest chart levels surrounding its reported price.