SHIB's still stuck in a protracted downtrend, but the unprecedented reserve dip hints at long-term bull energy.
Arkham data shows the U.S. government moved nearly 54.9 billion SHIB seized from FTX and Alameda.
In just ten days, Shiba Inu's exchange reserves have lost about 1.4 trillion SHIB, indicating a significant change in exchange-related activity. Recent on-chain data shows that total exchange reserves dropped to 86.48 trillion SHIB, following a pattern that has been emerging throughout July.
After months of relentless selling pressure, Shiba Inu may finally be stabilizing. A significant on-chain development has drawn traders' attention even though SHIB is still mired in a wider downtrend: roughly 148.7 billion SHIB tokens have left exchanges, resulting in one of the biggest recent negative netflow readings.
With almost 100 billion SHIB entering exchanges over the past 24 hours, Shiba Inu is under fresh selling pressure and investors are worried about another wave of distribution. Recent on-chain data indicates that exchange inflows totaled about 96 billion SHIB, while exchange outflows were about 112 billion SHIB.
Shibarium, which is Shiba Inu's L2, saw a decline in activity over the last 24 hours. According to Shibariumscan explorer, the daily transaction count on the Shibarium blockchain fell from 5,170 recorded on July 10 to 1,280 on July 11, a 75% drop.
After weeks of constant pressure to sell, Shiba Inu is finally beginning to show signs of life. Fresh market data indicates that buyers are starting to return, with spot flows turning decisively positive and suggesting a potential shift in short-term sentiment, even though the meme coin is still trapped in a larger downtrend.
The official Shiba Inu (SHIB) token account on X, which has an audience of 3.8 million followers, has suddenly shifted away from its usual focus. Instead of covering the SHIB token and the development of its own ecosystem, the project's media infrastructure has begun actively promoting third-party meme tokens with extremely low market capitalizations.
Shiba Inu is back in demand as the overall crypto market begins to see momentum build again as bulls appear to be taking over the market.
Large Shiba Inu coin holders have staged a systematic exodus from exchanges, moving tokens into long-term storage. According to analytics platform CryptoQuant, SHIB's net flow on trading platforms has remained negative for a record eight consecutive days since July 3.
The Shiba Inu community burns tokens like there's no tomorrow, but the price keeps tanking. The memecoin market, meanwhile, is melting like snow in the sun.
In a recent X conversation, Mazrael, a Shiba Inu community veteran, hinted at major updates ahead for SHIB projects.