On-chain data for Shiba Inu (SHIB) presents a conflicting picture of investor behavior, with two significant and opposing movements reported within a 24-hour period. The first report indicates that approximately 176 billion SHIB tokens were withdrawn from centralized exchanges, a move typically interpreted as a reduction in liquid supply and a sign of long-term holding intent.
However, a second report from the same day reveals a contradictory trend, showing that about 324 billion SHIB tokens were deposited onto exchanges. This surge in exchange inflows suggests increased selling pressure, as assets moved to trading platforms are generally considered ready for sale. The exchange netflow turning positive supports this bearish interpretation, indicating inflows are exceeding outflows.
Despite these substantial token movements, SHIB's price action remains subdued. The asset continues to trade below key technical resistance levels, specifically the 26-day and 50-day exponential moving averages. Market behavior is characterized by low volatility and weak momentum, with strong supply halting any brief upward price recovery attempts. The high token velocity alongside exchange inflows suggests speculative turnover rather than sustained accumulation.
The timing coincides with typical early-year market behavior, where long-term investors may quietly accumulate while short-term traders exit positions. Analysts note that for a sustained bullish reversal to be confirmed, SHIB would need to reclaim its short-term moving averages and establish consistent higher lows, conditions which are not yet present.
