The flow of Shiba Inu (SHIB) tokens to centralized exchanges has significantly slowed in the past few hours, coinciding with a 1.6% increase in SHIB’s price today.
Decrease in Net SHIB Flow to Exchanges
According to on-chain data from CryptoQuant, cryptocurrency exchanges received approximately 196 billion SHIB tokens at the time of writing. This figure contrasts sharply with the 2.3 trillion SHIB tokens deposited on exchanges on June 24. Today, reconciling the inflows and outflows resulted in a net SHIB flow to exchanges of negative 95 billion tokens.
Notably, amidst the over 2.3 trillion SHIB tokens deposited on exchanges on Monday, SHIB’s price dropped to $0.00001642. This price collapse occurred because the day’s outflow was insufficient to balance the selling pressure from the inflows.
Furthermore, over the past week, exchanges saw lower SHIB inflows as the token attempted to stabilize between $0.000017 and $0.000018 until yesterday. Monday’s inflow was the highest since June 11, when market participants sent nearly 6.635 trillion SHIB tokens to liquid trading platforms.
Additionally, the 6.635 trillion SHIB inflow on June 11 was the largest Shiba Inu transfer to exchanges in over three months. Despite the massive inflow, SHIB’s price remained stable at around $0.000022 between June 11 and 12. This stability was due to the counterbalance of 7.12 trillion SHIB tokens withdrawn from exchanges on the same day, resulting in a net SHIB flow to exchanges of negative 511 billion tokens on June 11.
13 Trillion SHIB Flow to Exchanges in One Week
Exchanges such as Coinbase, Binance, Robinhood, Kraken, OKX, and Gate.io received approximately 13.11 trillion SHIB tokens collectively over the past week, according to Arkham intelligence platform, with withdrawals slightly exceeding deposits.
Overall, exchanges have experienced larger SHIB outflows compared to inflows over the past month. This trend has been reflected in the exchanges’ SHIB reserves since last year. While this indicates a bullish signal for investors, Bitcoin’s ongoing decline has dampened bullish expectations. At the time of writing, SHIB is trading at $0.00001712, marking a 1.6% increase over the past 24 hours.
As of June 26, 2023, centralized exchanges held more than 175 trillion SHIB tokens in reserve. Today, this figure has dropped to approximately 146 trillion, with around 30 trillion SHIB leaving the exchanges over the year.
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