Shiba Inu has recorded a massive withdrawal event, with 207 billion SHIB tokens leaving cryptocurrency exchanges over a 24-hour period. The movement represents one of the largest single-day outflows in recent months. Data from CryptoQuant reveals that 121 billion SHIB exited exchanges on November 15 alone, with the pattern continuing through November 16. Technical Resistance Holds Despite Outflows Despite the significant supply reduction on exchanges, SHIB's price remains constrained by technical barriers. At the time of writing, the token trades at $0.000008995, a support zone that has held multiple tests without triggering upward breakouts. All major moving averages sit above current price levels, creating a convergent downward-sloping resistance structure. SHIB price chart, Source: CoinMarketCap The Relative Strength Index hovers around 39, indicating weak momentum without capitulation. Trading volume remains steady rather than collapsing, suggesting holders maintain positions instead of rushing toward exits. This stability in volume during a consolidation phase often precedes directional moves once catalysts emerge. SHIB must reclaim $0.0000105 to challenge the first resistance cluster where moving averages converge. Beyond that level, $0.0000112 represents the next critical breakpoint. Neither threshold has been tested during the current outflow period, leaving the token in a technically bearish posture despite improving on-chain metrics. Supply Dynamics Point to Accumulation The disconnect between price action and exchange data reveals competing forces at work. Tokens leaving exchanges at accelerated rates typically reduce available supply for sellers. When this occurs without corresponding price increases, accumulation phases often develop beneath the surface. Current holder behavior supports this interpretation. Source: Tradingview Market participants removing tokens from exchanges demonstrate willingness to weather volatility rather than liquidate positions. This behavior contrasts sharply with distribution phases, where tokens flood onto exchanges ahead of selling pressure. The current pattern suggests conviction among existing holders and potential positioning for future price appreciation. Historical precedents show that sustained exchange outflows frequently precede trend reversals in cryptocurrency markets. While timing remains uncertain, the magnitude of recent withdrawals exceeds typical baseline activity. If outflows continue at current rates while price maintains support, conditions for upward momentum may develop. Market Context and Future Outlook Shiba Inu remains nearly 90% below its all-time high, placing the token deep into bear market territory by traditional metrics. The broader cryptocurrency market has experienced volatility throughout November, creating unstable sentiment conditions. Against this backdrop, the exchange outflow data provides a counterpoint to the bearish price structure. The Shiba Inu development team recently teased new initiatives , though specific details remain undisclosed. Such announcements can catalyze renewed interest when combined with improving supply dynamics. However, concrete developments rather than speculation typically drive sustained rallies in the current market environment. Trading activity shows holders adopting wait-and-see positions rather than aggressive accumulation or distribution. This neutral stance allows for rapid shifts once technical levels break in either direction. The key support zone between $0.0000090 and $0.0000093 must hold for bullish scenarios to remain viable.
