A major Shiba Inu (SHIB) investor has ended a 10-month dormancy period by completely zeroing out their balance. In a single transaction, they moved 399,989,999,938 SHIB tokens worth about $1.95 million, according to data from Arkham.
Another round of selling pressure is being applied to Shiba Inu, but one metric has caught traders' attention with its magnitude and arithmetic impossibility.
As on-chain and derivatives data indicate increasingly pessimistic sentiment, Shiba Inu is undergoing yet another round of intense selling pressure.
As exchange inflows continue to pick up speed, Shiba Inu is under increasing pressure and is substantially close to a critical threshold that could reinforce the negative narrative surrounding the meme coin.
More than 1.5 million SHIB were burned in the last 24 hours; however, the SHIB burn rate failed to rise. The Shiba Inu daily burn rate remained in the red as even fewer SHIB were burned from the past day.
Shibarium comes out of its hibernation with a historic peak at 7,220 crypto transactions! After months below 1,000 tx/day, this surge revives hope for Shiba Inu.
On-chain data indicates that SHIB exchange reserves are currently at about 80.03 trillion tokens, which has long served as a significant structural and psychological benchmark for the asset. The amount of SHIB held on exchanges may soon drop below 80 trillion for the first time if the current trend continues, which would represent a historic change in the supply dynamics of the token.
SHIB derivatives lead spot: $46.72M open interest and 5x futures/spot volume show why meme liquidity shapes price in weak tapes. Practical signals and steps.
On-chain data indicates that exchange netflows of Shiba Inu have started to ease considerably. The most recent metrics show that SHIB recorded a total exchange netflow of about -164 billion tokens over the previous 24 hours at the time of writing, indicating that more tokens are still leaving exchanges than entering them.
Traders pulled over 204 billion SHIB tokens off exchanges in a single day, a 3.6% jump from the day before, even as demand for Shiba Inu futures contracts slid sharply. Related Reading: Bitcoin's 4-Year Rhythm Is Still Playing Out, Says Crypto CEO Futures Flow Turns Negative Data from Coinglass shows that futures outflows hit $5.6 million over the past 24 hours, outpacing inflows of $4.74 million.
The Shiba Inu (SHIB) price has remained under strong pressure this year as weak demand and fading market momentum continue to weigh on the meme coin. Beyond the price decline, new data now show that Shiba Inu's Open Interest (OI) has crashed by more than 30%, while its burn rate has also slowed significantly.
Although there is still significant long-term bearish pressure on Shiba Inu, a number of on-chain and market-flow metrics indicate that the meme asset may be nearing a stabilization phase following weeks of consistent weakness, according to data from CoinGlass.