Shiba Inu has drawn fresh attention from two developments: a reported addition to Japan's Green List for eligible crypto assets and a sharp decline in SHIB exchange reserves. The reported designation places SHIB alongside Bitcoin and Ethereum within Japan's pre-approved exchange listing framework. According to a post from BSCN Decoded, qualifying assets needed listings on at least three registered domestic exchanges, while SHIB already traded on eight venues before the announcement. Prominent community voices such as $SHIB Bezos described the development as bullish, but regulatory recognition alone does not guarantee demand or sustained price growth.
On October 23, data showed exchange-held SHIB falling to 87.06 trillion tokens, with a negative netflow of 33.94 billion SHIB in just 24 hours. More tokens left exchanges than entered, which can reduce available supply for immediate selling. Investors may move assets off exchanges for long-term storage or other wallet transfers, but the data does not confirm accumulation or rising demand by itself.
Price action remained weak during the latest session. SHIB opened near 0.0005076, later slipped to 0.0004957, and at one point fell close to 0.000491. Buyers stepped in after that sharp decline, but recovery momentum failed to reclaim earlier levels. The area between 0.000490 and 0.000491 now acts as visible support, while resistance sits between 0.000498 and 0.000500, with the opening level near 0.0005076 serving as another barrier.
Traders are also watching the 86 trillion reserve level. A move below that threshold would extend the decline in exchange-held supply. However, a more convincing bullish signal would require falling reserves, rising prices, and stronger spot trading volume to suggest that buyers are absorbing selling pressure effectively. Broader market conditions, especially Bitcoin's direction, are likely to influence speculative interest in SHIB. For now, Japan's reported Green List addition offers a regulatory development to track, but its longer-term value depends on exchange implementation and measurable market participation.
