Shiba Inu is nearing a pivotal milestone in its exchange reserves, which are currently just shy of 87 trillion $SHIB. As of the latest count, there are about 86.9973 trillion tokens held, leaving a mere 2.7 billion $SHIB left to reach this significant figure. The small gap compared to the total reserve is relatively insignificant.
A Cautious Outlook
It is possible for exchange reserves to surpass 87 trillion without requiring substantial transfers, as they have seen a slight increase of 0.04% in the last 24 hours. However, this situation may not provide a positive development for $SHIB.
Exchange reserves reflect the amount of assets held in wallets connected to trading platforms. An ongoing increase in these reserves typically suggests that more tokens are readily available for trading and potential sales, while a decline can indicate that tokens are being moved to personal wallets.
Currently, the overall flow dynamics favor exchanges. The total inflows stand at 271.53 billion $SHIB, compared to total outflows of 222.25 billion $SHIB, resulting in a net positive flow of approximately 34.47 billion $SHIB.
However, there are mixed indicators present. The seven-day moving average for mean exchange outflows has decreased by 40.62% to around 502.1 million $SHIB. While the total outflow has risen by 0.5%, the average mean outflow has also increased by 0.51%. This suggests that there isn’t a significant wave of withdrawals occurring that could dramatically lower exchange reserves.
Shiba Inu’s Current Position
The 87 trillion mark holds particular importance in light of recent price movements. After rising from approximately $0.000005, $SHIB is currently valued at about $0.00000518. This price is closely aligned with both its short-term average of $0.00000501 and the 100-day EMA situated at $0.00000498.
This allows $SHIB to maintain its short-term technical support, although the upward momentum appears limited. The RSI sits at around 54, indicating a neutral to slightly bullish trend rather than an overheated market.
The 200-day EMA at $0.00000570 remains a significant hurdle. A recent attempt by $SHIB to surpass this level was quickly rebuffed. If exchange reserves convincingly exceed 87 trillion while inflows surpass outflows, selling pressure could intensify.
For now, the 87 trillion level serves as a psychological milestone; the more critical factor will be whether reserves continue to increase after breaching this threshold while $SHIB struggles to break free from the $0.000005 price point.