**207 Billion SHIB Tokens Exit Exchanges in 24 Hours, Marking Largest Outflow in Months**
Shiba Inu (SHIB) recently experienced a significant withdrawal event, with 207 billion SHIB tokens exiting cryptocurrency exchanges within a single day, according to CryptoQuant data. This withdrawal ranks as one of the largest single-day outflows in recent months.
Data from CryptoQuant reveals that on November 15 alone, 121 billion SHIB tokens left exchanges, continuing the trend into November 16. Despite this considerable reduction in exchange supply, SHIB’s price movements remained largely unaffected due to prevailing technical obstacles.
At the time of analysis, SHIB was operating within a support area. Technical indicators showed a Relative Strength Index (RSI) of 39, suggesting weak market momentum. Additionally, all major moving averages remained positioned above the current market value, reinforcing the token’s neutral stance.
Trading activity stayed stable, as investors largely refrained from selling, choosing instead to hold their positions. Technical analysts note that SHIB needs to break past its existing support levels in order to challenge the first resistance area, where moving averages intersect. Currently, the token price remains below both key resistance points, which have not been tested since the start of the large token outflow.
Interestingly, exchange data indicates no direct correlation between market price movements and token withdrawals. The accelerated withdrawals reduce the supply available to sellers on exchanges, suggesting that market participants moving their SHIB off exchanges intend to hold long-term rather than sell.
This behavior contrasts with typical distribution patterns, where tokens are deposited into exchanges before a sell-off begins. Historical trends indicate that prolonged periods of exchange withdrawals have preceded significant market trend changes. However, predicting the timing of such events remains challenging for investors.
At present, Shiba Inu’s market value sits approximately 90% below its all-time peak. The broader cryptocurrency market has also seen notable price fluctuations throughout November, according to recent reports.
Meanwhile, the Shiba Inu development team has announced plans for upcoming projects, though details remain under wraps. Market observers have highlighted that current trading activity reflects a neutral investor stance, with neither aggressive buying nor selling dominating the market.
As the situation develops, market participants will be watching closely to see if the ongoing token withdrawals from exchanges will eventually influence SHIB’s price dynamics moving forward.
https://bitcoinethereumnews.com/tech/shiba-inu-faces-massive-token-outflow-and-steady-price/
