Whale Alert: 1.3 Trillion Shiba Inus Moved to Exchanges in One Day, Price Reacts with Drop
Shiba Inu ($SHIB ) is experiencing a decline today, likely due to a significant liquidation as a massive amount of the token has been transferred to exchanges in the past 24 hours. On October 7, market participants, including large holders known as âwhales,â 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 inflow of tokens to exchanges
In contrast, on Monday, 943.89 billion SHIB tokens were withdrawn from exchanges to external wallets. This movement resulted in a net inflow of 358 billion SHIB tokens back to exchanges, increasing selling pressure. When more tokens are deposited to exchanges than withdrawn, it usually signals potential selling activity, which puts downward pressure on the price.
Current market situation
At the time of writing, SHIB is trading at $0.00001755, marking a daily decline of 3%. 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⥠Currently, Inu is 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 breakout point; breaking above this level could attract stronger buying pressure and potentially lead to more substantial growth.
On the downside, #SHIBŰ has critical support at $0.00001500. If the current trend of net inflows continues and SHIB fails to break resistance, holding this support will be essential to preserve its recent uptrend.
