Shiba Inu held on exchanges is now worth $331.96 million and could fall below $300 million for the first time in four years. The drop comes from falling prices rather than fund outflows, according to U.Today.
SHIB held on exchanges is now worth $331.96 million, down 6.81% in a day, according to CryptoQuant. The value could fall below $300 million for the first time in the last 4 years.
Falling prices, not outflows, drive the decline
The decline stems from the falling market value rather than fund outflows. Reserves in tokens went down by only 0.05%, with around 86 trillion SHIB still sitting on exchanges.
U.Today describes the $332 million figure as somewhat of a baseline for Shiba Inu. A full 86 trillion SHIB sellout would not be worth $332 million, and the article says one-third of it would be a lucky outcome.
Liquidity is thin against institutional appetite, since most holders are regular retail investors. Still, the netflow stays negative, with around 45.9 billion SHIB leaving exchanges over the last 24 hours. Those flows most likely reflect usual trading activity.
SHIB slips below $0.000004 and bounces
The price invalidated the $0.000004 level and now bounces, though no surge in volume or momentum follows. U.Today attributes the bounce to the oversold state of SHIB rather than anything else.
SHIB dropped to around $0.0000037 on November 14, losing its July low of $0.00000413 along the way. RSI dipped below 30 at the same time.
The token does not show a strong correlation with Bitcoin here, but rather with altcoins of the same echelon, most of which are oversold too.
For the reserves to fall below $300 million, SHIB would have to drop to around $0.0000035, roughly 11% below the current price of $0.00000394.
Source: U.Today
Trading involves risk.
Risk Disclaimer
