Shiba Inu sees 64 billion SHIB move in 24 hours

On-chain data for Shiba Inu has revealed a notable surge in exchange-linked transactions over the past 24 hours. More than 64 billion SHIB tokens have changed hands between exchanges. This uptick is fueling speculation over whether the popular meme coin is on the verge of a major new price swing.

Exchange activity heats up

Recent data shows substantial increases in token inflows to exchanges, along with a modest rise in exchange reserves. In crypto markets, heightened inflows often signal that a growing number of tokens are being positioned for trading. This typically coincides with rising volatility, and at times, increased selling pressure.

Shiba Inu, a crypto asset developed on the Ethereum blockchain and famous for its large community, has been experiencing intense token transfers. While this activity does not automatically indicate sales, it does suggest the market is entering a more sensitive phase.

Technical outlook remains fragile

The timing of these developments stands out. After a springtime recovery, SHIB has slipped below its ascending support trendline. Following this breakdown, prices also fell beneath several important moving averages, further reinforcing the weak technical picture that has dominated the past year.

Despite the negative break, not all indicators are pointing toward a deeper decline. The Relative Strength Index (RSI) has now dropped to levels close to the oversold territory. This could mean that bearish momentum is losing steam.

Glossary: The RSI is a technical indicator measuring the speed and strength of price movements. Values approaching 30 are considered oversold, while those nearing 70 signal overbought conditions.

Key price levels watched

The closely watched threshold in the market is the $0.00001100 to $0.00001150 range. If SHIB can push back above this band, it could be the start of a broader recovery attempt. Failure to do so, however, would leave room for continued downward pressure.

From an on-chain perspective, the increase in exchange activity does not automatically point to a sell-off. Large transfers may reflect major wallet reallocation, liquidity shifts, or simply preparations for future trades. Nevertheless, taken together with the currently weak technicals, the data points to a need for caution.

In the short term, trading action over the next few sessions is expected to be decisive. Whether the recent multi-billion token movements signal the beginning of a new accumulation phase, or the continuation of an ongoing correction, will become clearer as SHIB reacts to these crucial price levels.

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