Top-10 Shiba Inu (SHIB) Wallets Slow Down Exchange Deposits to Mere 2 Billion Tokens in 24 Hours

According to the CryptoQuant data, the top-10 wallets have deposited 2 billion Shiba Inu tokens in the last 24 hours. The data shows that the wallets have deposited a little more than 2 billion $SHIB at $0.00000446.

These whales have deposited 2.281 billion $SHIB over the past 24 hours, according to data from CryptoQuant. The total Shiba Inu exchange reserves currently sit at 86.1617 trillion $SHIB worth $384.28 million.

Exchange withdrawals piling up

CryptoQuant also spotted another 3.4772 billion $SHIB withdrawn from exchanges over the past 24 hours. The statistics on exchange net flow paint a somewhat different picture.

Over the past 24 hours, $SHIB saw 20.0745 billion tokens in negative net flow on all major exchanges. If whales move their funds to exchanges en masse, this usually means short-term selling pressure.

Large holders are withdrawing $SHIB

Shiba Inu exchange reserves lost 0.02% with the dollar value of those reserves slipping even more, by 0.47%.

The pain point is the rapid decline in early November, as Shiba Inu continued falling after a short-lived rally.

TradingView data shows that $SHIB price has recently lost an important support level at $0.00000480. $0.00000410 might be the next point of a further decline if support is invalidated.

Shiba Inu price is currently trading at $0.00000447, moving sideways around the local bottom. The local support sits at around the $0.00000440–$0.00000442 range.

A break above $0.00000480 would put the price in recovery mode, opening the way to the $0.00000540–$0.00000550 zone tested in October.