Shiba Inu ($SHIB ) is experiencing a decline today, likely due to a significant sell-off, as a massive amount of tokens has been transferred to exchanges over the past 24 hours. On October 7, market participants, including large holders known as "whales," sent 1.3 trillion SHIB tokens to centralized exchanges, presumably for liquidation. This trend follows the previous day, when 789 billion SHIB were also sent to exchanges.

Significant Influx of Tokens to Exchanges

In contrast, on Monday, 943.89 billion SHIB tokens were withdrawn from exchanges into external wallets. This movement resulted in a net inflow of 358 billion SHIB back to exchanges, increasing the selling pressure. When more tokens are deposited to exchanges than withdrawn, it often signals potential selling activity, which puts downward pressure on the price.

Current Market Status

At the time of writing, SHIB is trading at $0.00001755, marking a 3% daily decline. This negative trend has been observed over the past week. So far today, 366.97 billion SHIB tokens have been sent to exchanges, which is less than the previous day but still a significant volume.

Key Resistance Levels and Market Outlook

#shiba⚡ Inu is currently facing key resistance around the $0.00001800 level. If the price breaks above this level, it could indicate potential for a market recovery. Analysts have identified the $0.00002000 zone as a major breakthrough point; surpassing this level could attract stronger buying pressure and potentially lead to more substantial growth.

On the downside, #SHIB، has critical support at $0.00001500. If the current trend of net inflows continues and SHIB fails to break resistance, maintaining this support will be essential for preserving its recent upward trend.

#Shibalnu , #Cryptocurrencies , #shibawhale

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