Shiba Inu's exchange reserve has climbed back above 88 trillion tokens, a level last seen four months ago, as onchain data points to rising selling pressure. The metric provides a bearish outlook for SHIB, and it comes as the token's price slips nearly 3% over the past day.
Shiba Inu has failed to recover from its recent price drawdown, and the pullback is now spreading to the token's exchange activity. Data from crypto analytics platform CryptoQuant shows SHIB's exchange reserve has reclaimed the 88 trillion threshold, a level that signals more tokens are available for sale.
The data shows the SHIB exchange netflow at a positive balance of over 288 billion tokens, pointing to a bearish shift in exchange activity. As a result, Shiba Inu's available supply across all supported exchanges stood at 88,076,900,000,000 SHIB as of October 3rd, the highest level the exchange reserve has reached since around June 3rd, a four-month high in the metric.
The token is trading on a downward trajectory, down nearly 3% over the past 24 hours. This slow price move has coincided with the rising exchange supply, and analysts predict that bearish traders might be taking over the market.
Shiba Inu's recent exchange activity has drawn attention from market participants amid speculation that demand for SHIB has suddenly faded, positioning the token for further downside.
Source: U.Today
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