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Massive SHIB outflow: 207 billion tokens removed from exchanges
On-chain data shows a significant shift in Shiba Inu (SHIB) exchange balances: 207 billion SHIB left centralized exchanges over a 24-hour window, marking one of the largest single-day outflows in recent months. CryptoQuant records indicate 121 billion SHIB were withdrawn on November 15 and withdrawals continued into November 16, driving the total to the reported figure.
Why the outflow didn’t spark immediate price gains
Despite the pronounced exchange supply reduction, SHIB’s price remained largely unchanged. Technical indicators highlight why: the Relative Strength Index (RSI) sits around 39, signaling weak bullish momentum, while major moving averages remain above the current market price, creating short-term resistance. In short, although token availability on exchanges decreased, the market lacks the momentum to turn that supply squeeze into an immediate rally.
Support and resistance dynamics
Technical analysts point out that SHIB is trading at a key support zone. For a sustained move higher, SHIB needs to break above the nearest resistance cluster where moving averages converge. Because the price has not yet tested those resistance levels since the outflows began, traders are watching price action closely for a decisive breakout or a re-test of support.
Investor behavior: holding over selling
The exchange withdrawals suggest holders are moving tokens off platforms to cold wallets or long-term custody, implying intent to retain rather than liquidate. This behavior reduces sell-side liquidity on exchanges, which historically can precede trend shifts, but timing remains uncertain. Current trading volumes indicate a neutral stance from many investors—neither aggressive accumulation nor capitulation is occurring.
On-chain vs. market reactions
Exchange outflows are often a bullish signal, but market price action depends on broader conditions. In this instance, the decoupling between on-chain movement and market reaction underlines how technical resistance and low momentum can blunt the impact of supply changes. Historical precedents show sustained withdrawals can lead to trend changes, but they don’t guarantee immediate price appreciation.
Broader context and outlook
Shiba Inu remains about 90% below its all-time high, a reminder of the token’s speculative volatility. The development team has teased upcoming initiatives, yet details are still pending. Market observers say that without concrete project milestones or renewed buying pressure, SHIB’s near-term trajectory will likely depend on macro crypto sentiment, liquidity on exchanges, and whether the token can breach the moving-average resistance zones.
Key takeaways: large token withdrawals have reduced exchange supply, but weak RSI and resistance from moving averages have kept SHIB price largely steady. Traders and investors should monitor on-chain flows, exchange liquidity, and confirmed development updates to assess potential catalysts for a trend reversal.
Source: crypto
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