Shiba Inu whales are buying every dip, even as the token keeps falling, with a fresh 174 billion $SHIB withdrawn from exchanges in the past 24 hours.
The Shiba Inu ($SHIB) price trend remains uncertain. Bears are keen to push the token to new lows, while bulls keep fighting to defend key support levels. It remains unknown how low $SHIB will fall, but buying pressure appears to be consistently building.
Over the past day, Shiba Inu whales have made another notable accumulation move, reinforcing their belief that the current price level is a favorable entry point for the next bullish phase.
174,820,700,000 $SHIB Withdrawn from Exchanges
Data from CryptoQuant confirmed this move. Its total exchange netflow reading shows that the difference between inflows and outflows in the past 24 hours is a negative 174.8 billion.
This means that holders withdrew 174,820,700,000 $SHIB yesterday, worth $792,002 at the current market price of $0.00000417. Notably, such an exodus from exchanges usually ends up in self-custody or third-party wallets, where the tokens cannot be easily sold. This suggests accumulation, as holders are moving Shiba Inu to where it cannot be easily sold.
Meanwhile, the withdrawal continued to reduce the $SHIB exchange reserve. The metric fell slightly over the past 24 hours to 86.6 trillion as the amount of the token held on exchanges reduced.
Notably, this not only reduces selling pressure but also improves supply scarcity. If this trend persists and demand starts to return, prices could react considerably.
Additionally, the accumulation continues to highlight the sentiment among whales that Shiba Inu could reclaim higher prices in the future. Buying even when a durable bottom is unclear and price trends near multi-year lows suggest that market participants see a good risk-to-reward ratio at current levels and are positioning accordingly.
Shiba Inu Open Interest Rises 5%
Meanwhile, derivative interest in Shiba Inu also received a boost. Over the past 24 hours, open interest has increased by 5.7% to $28.8 million, or 6.52 trillion $SHIB.
For context, open interest tracks the total value of open futures positions at a given time. A rise indicates that during the period, traders built more derivative positions, increasing the overall value.
Nonetheless, $SHIB’s OI remains well below earlier highs. It has dropped 80% from its January 6 peak of $145.5 million, as traders have taken to caution as the bearish trend persists. The drop mirrors a trend seen in the broader crypto market, where massive liquidations and price volatility have replaced derivative enthusiasm with risk-averseness.
$SHIB Price Remains Above $0.0000040 Support
From a technical perspective, $SHIB remains above the $0.0000040 support after bottoming around it again yesterday. The token dropped to $0.00000408 on Monday as the new US-Iran conflict sparked fresh concerns among investors, impacting the broader market negatively
The support proved too strong for bears again. As $SHIB did previously in late June, it bounced from the $0.0000040 demand zone to its current price.
Attention has now turned to the descending resistance trendline above, where the token has persistently faced resistance since May 10. Breaking this opens the path for a strong rebound to higher prices.
