Data from blockchain analytics platform Arkham Intelligence reveals a significant movement of Shiba Inu (SHIB) tokens across centralized exchanges at the start of April. Over a 24-hour period, there was a net inflow of 4.8 billion SHIB into exchanges, valued at approximately $27,000. This movement coincided with the memecoin's price dropping 2.12% in the first days of the month, trading around $0.000005802.
The gross movements were substantial, with Revolut at the center of the activity. One Revolut wallet received roughly 849.21 billion SHIB, though this was flagged as an internal transfer from another Revolut-controlled address. Binance recorded inflows of 177.05 billion SHIB, while Bitstamp saw 163.64 billion SHIB enter its wallets. Other exchanges like Wintermute, Bybit, and OKX also posted notable inflows.
On the outflow side, Revolut moved out approximately 849 billion SHIB, Bitstamp saw 194.39 billion leave, and Binance posted outflows of 129.48 billion SHIB. Bithumb, Robinhood, Kraken, OKX, Crypto.com, and Wintermute also registered withdrawals in the billions. After accounting for all transfers, the net result was an increase in exchange balances of about 4.8 billion SHIB.
Analysts note that while most gross volume reflects internal or routine exchange activity, net inflows generally signal tokens moving closer to potential sale. The early April decline places SHIB on a negative path for a month with a historically mixed record. Data from CryptoRank shows SHIB's average April return is 3.16%, but the median is a loss of 4.26%. The token saw massive gains of 69.4% in April 2021 but has posted losses in the subsequent three years.
Separate market analysis indicates SHIB's recovery is under pressure, with the asset trading below key moving averages and facing resistance near the $0.0000065-$0.0000070 range. The broader crypto market context also shows Bitcoin struggling below a thick ceiling in the $75,000-$80,000 range and XRP aggravating its downtrend, lacking bullish momentum to reclaim the $2 level.
