Shiba Inu exchange reserves near 88 trillion as rally stalls
Shiba Inu's exchange reserve has climbed to about 87.79 trillion tokens, a level that could delay any price recovery, according to Cryptoquant data reported by U.Today.
Key points
- Shiba Inu's exchange reserve reached roughly 87,793,800,000,000 tokens as of September 27, up sharply from the previous day.
- Exchange netflow over 24 hours showed a positive balance of more than 75 billion SHIB.
- The data suggests traders sent more tokens to exchanges than they bought, a bearish signal.
- SHIB was trading around $0.000005883 and had flipped back into the red.
- The reserve is approaching the 88 trillion level, which could keep the rally on hold.
Shiba Inu's exchange reserve has climbed close to 88 trillion tokens, a move that points to renewed selling pressure and could keep the meme coin's recovery on hold. U.Today reported the figures, citing data from the onchain analytics platform Cryptoquant.
According to the data, the Shiba Inu exchange reserve stood at about 87,793,800,000,000 as of September 27. That is a substantial increase from the level recorded the previous day, as traders moved more tokens onto exchanges.
Reserve nears 88 trillion
The build-up in the exchange reserve is read as a bearish signal for the Shiba Inu ecosystem. It suggests that buying activity slowed over the past day while traders sold more of their holdings. With the reserve nearing the 88 trillion mark, the report said the token's potential price rally could be suspended for longer.
A second measure supports that reading. Shiba Inu's exchange netflow over the last 24 hours showed a positive balance of more than 75 billion SHIB. A positive netflow means more tokens were sent to exchanges than were bought during the period, which the report describes as a bearish outlook for the asset.
Netflow turns positive
The shift in exchange activity comes amid a broader slowdown in the recent crypto market rally, which has extended into the Shiba Inu ecosystem. Selling pressure appears to be mounting again after a period of recovery.
Shiba Inu's recent price rally has remained on hold during this slower trading performance. The token flipped back into the red territory and was trading around $0.000005883 at the time of the report.
Price rally on hold
The exchange reserve and netflow figures are the main evidence in the report for the change in sentiment. Both measures track how many tokens holders move onto exchanges, where they can be sold more easily, so a rise in either is often watched as a sign of potential selling.
U.Today's account is based on Cryptoquant's onchain data and does not include any projection of where the Shiba Inu price might go next. The report frames the near-88-trillion reserve level as a factor that could weigh on any near-term recovery.