Shiba Inu Exchange Outflows Surge as 82T SHIB Threshold Breaks

The Shiba Inu (SHIB) market was making headlines for increased exchange outflows. According to recent data, outflows have intensified during the recent weeks, and the total exchange reserves have fallen below the 82 trillion SHIB supply threshold. With a large volume of tokens leaving exchanges, any immediate SHIB sell-off risk has taken a backseat.

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Shiba Inu Exchange Outflows Trigger Whale Activity And Sell‑Off Concerns

Data from CryptoQuant revealed that SHIB balances on centralized exchange has dipped from 82.066 trillion SHIB to 81.4169 trillion SHIB. This means about 649.1 billion tokens made their way out of these trading platforms.

Since the 82 trillion SHIB supply zone remained intact for months, the community saw steady sell pressure. This was primarily because tokens sitting on exchanges are easier to dump during volatile cycles. But the latest decline has brought immediate relief to the market, as any SHIB sell-off risk was reduced.

Several speculate that holders could be jumping onto the SHIB self-custody trend. This is viewed as a bullish sign, as holders may be positioning for the long term as opposed to short-term trading.

It should, however, be noted that other factors, like whale activity, can also play a notable role in the price direction of SHIB. With large holders shifting massive amounts of SHIB could cause volatility and trigger a sell-off risk.

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Shiba Inu Price Prediction

The Shiba Inu market, similar to other altcoins, was struggling in terms of price. The asset recorded a drop of nearly 3% during the past 24 hours. At press time, SHIB was trading at $0.000005810. The meme coin has been carrying forward this bearish trend for the past month as it dipped by over 30% during this time.

SHIB could soon break this downward spiral. According to CoinCodex, the meme coin is expected to rise to a high of $ 0.0.000006795 later this month. This marks a 16.98% increase from its current price level. The asset’s average trading price was set at $0.000006079. With limited sell-off risk in the SHIB market and the rising self-custody trend, the community could witness some respite soon.

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