Market participants transferred 1.3 trillion Shiba Inu tokens to exchanges in one day.
Shiba Inu’s price fell by 3%, reflecting ongoing selling pressure.
The meme coin has key resistance at $0.00002800, with critical support at $0.00001500.
Shiba Inu (SHIB) is experiencing a decline today, likely due to a significant sell-off, as a large volume of tokens has been transferred to exchanges in the last 24 hours. On October 7, market participants, including whales, sent 1.3 trillion SHIB tokens to centralized exchanges, probably for liquidation. This follows a trend from the previous day when 789 billion SHIB was also sent to exchanges.
Shiba Inu inflow data over the past week. Image source: CryptoQuant
In contrast, on Monday, only 943.89 billion SHIB tokens were withdrawn from exchanges to external wallets, resulting in a net inflow of 358 billion SHIB. This means that more tokens were deposited into exchanges than were withdrawn, increasing the selling pressure on Shiba Inu. This kind of activity usually means potential selling activity, which puts downward pressure on the price.
As of this writing, SHIB is trading at $0.00001755, havin…
The post Whale Alert: 1.3 Trillion Shiba Inu Moved to Exchanges in One Day, Price Reacts appeared first on Coin Edition.
