Shiba Inu Faces Price Drop as 125 Billion Tokens Withdrawn From Exchanges

TLDR

• Shiba Inu experienced a sharp decline in exchange reserves, with 260 billion SHIB tokens withdrawn in November.
• Despite significant outflows, Shiba Inu’s price has continued to decline, falling to $0.0000086 on November 16.
• Shibarium’s transaction volume plummeted by 85.92% from its October peak to November 16.
• Shiba Inu’s exchange reserves fell from 82.03 trillion to 81.77 trillion SHIB during November.
• Over 272.76 million addresses have interacted with the Shiba Inu network despite the ongoing price decline.

Shiba Inu (SHIB) has seen an uptick in exchange outflows, signaling a shift in investor behavior. On November 15, approximately 125 billion SHIB tokens were withdrawn from exchanges. Despite this activity, SHIB’s price continued to struggle, falling to $0.00000895 that same day.

Exchange Reserves Decline Sharply

According to CryptoQuant, SHIB’s exchange reserves dropped from 81.815 trillion on November 14 to 81.693 trillion the following day. This represents a sharp outflow of around 125 billion tokens from exchanges on November 15. The total reserves continued to decline slightly, reaching 81.77 trillion SHIB on November 16.

This decrease marks a broader trend: approximately 260 billion SHIB have been withdrawn from exchanges since the start of November. The exchange reserves dropped from 82.03 trillion to 81.77 trillion during this period. These outflows suggest that selling pressure is easing as fewer tokens are available for immediate sale.

Declining Price Despite Exchange Outflows

Despite the reduction in exchange reserves, SHIB’s price has not responded positively. On November 15, when 125 billion tokens were removed from exchanges, the price of SHIB dropped to $0.00000895. By November 16, the token’s value had further declined to $0.0000086.

Currently, SHIB is trading at $0.00000903. This marks a 10.13% decline over the past week and a 1.06% drop in the past 24 hours. The continued downtrend suggests that factors beyond exchange reserves are affecting SHIB’s price.

Shiba Inu Ecosystem Gains 272.76 Million Addresses

Shiba Inu’s Layer-2 network, Shibarium, has also experienced a sharp drop in transaction volume. On October 24, Shibarium saw 17,270 transactions, but by November 16, that number had plummeted to just 2,430. This represents an 85.92% decrease in activity over the past few weeks.

The drop in Shibarium transactions reflects a broader market downturn. Investor sentiment has weakened, contributing to the decline in activity. Despite this, Shibarium has processed over 1.56 billion transactions since its launch and surpassed 14.14 million blocks.

While SHIB’s price struggles, its network continues to show growth. Over 272.76 million addresses have interacted with the Shiba Inu ecosystem. These figures highlight the ongoing interest in SHIB, even amid market difficulties.

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