- Large scale withdrawals are in
- On-chain picture not translating
Shiba Inu is experiencing a traditional late-stage downtrend compression, which is made even more interesting considering increasing exchange outflows. In a single day, about 229 billion SHIB were removed from exchanges, which is consistent with a larger pattern of ongoing withdrawals in recent weeks.
Large scale withdrawals are in
To put it simply, there are fewer tokens available for sale, at least temporarily, as evidenced by data showing frequent large-scale withdrawals of 30 billion, 133 billion and even deeper negative netflows, indicating that holders are regularly removing supply from exchanges rather than pushing it in.
SHIB/USDT Chart by TradingViewSHIB is still inadequate in terms of cost. The long-term trend is still downward, and it is currently trading between $0.0000057 and $0.0000060, stuck below important moving averages. A tight ascending support is forming on the chart, but there is significant resistance to it. This is stabilization following selling fatigue, not strength.
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On-chain picture not translating
This is the main contradiction at the moment: accumulation on-chain, price structure still negative. Negative exchange netflows usually indicate less sell pressure and possible accumulation. The fact that whales are removing hundreds of billions of tokens suggests positioning rather than panic. However, the lack of a significant price response indicates that demand is still weak or inactive.
Do whales then buy the bottom? Not really. This appears to be a gradual accumulation rather than a reversal motivated by convictions. SHIB has historically exhibited low volume, quiet wallet accumulation and a dearth of retail traders before making significant changes.
Right now, investors should concentrate on two things. First, the structure: the $0.0000065-0.0000067 zone must be taken back and held by SHIB. The 100-day resistance is located there. In the absence of that, this is merely a range within a decline.
The second is flow consistency. A single day of 229 billion outflows is insignificant. In reality, supply is tightened and price reactions are forced by persistent multiday withdrawals.
SHIB is currently undergoing great change. The market has not turned bullish, but whales are building up and the selling phase has cooled. Therefore, no, this is not a verified bottom. But that is precisely how one begins to form.
Source: https://u.today/shiba-inu-whales-remove-229-billion-in-24-hours-are-they-shoveling-at-the-bottom
