It appears that a large-scale withdrawal operation from exchanges is taking place on the Shiba Inu market. According to data from Arkham, the net daily flow for the meme coin recorded an outflow of 228.46 billion SHIB.
The main pressure on reserves came from major withdrawals on the largest platforms. More than 311 billion SHIB were withdrawn from Binance and Coinbase combined within 24 hours.
Understanding 228 billion SHIB disconnect
Given that there are no fundamental narratives around Shiba Inu at the moment and the token’s price is moving purely based on overall market conditions, acting as a beta to Ethereum, technical analysis shows that the SHIB price is compressed within a narrow range, around $0.000006 on average per coin.
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Between the current price and the nearest strong resistance, there are almost no barriers in the form of dense sell orders, as seen on the volume profile, which forms a liquidity vacuum above current levels.
Shiba Inu (SHIB) on-chain exchange flow, Source: ArkhamAgainst the backdrop of rapidly declining exchange reserves, the market is now in a situation where even a moderate buying impulse could meet a near absence of supply.
While the price remains stagnant, this represents a classic divergence. On-chain data confirms scarcity, and technical indicators point to room for upward movement, while the price stays low due to inertia.
The current net outflow of 228 billion SHIB, combined with an empty volume profile above, creates conditions where any upward move driven by liquidations could be far more aggressive than most expect, simply due to the absence of sellers on exchanges.
Source: https://u.today/228-billion-shib-shiba-inu-coin-supply-on-exchange-continues-to-squeeze
