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As billions of tokens exit the market, Shiba Inu continues to suffer from a devastating lack of demand, indicating eroding investor confidence and possibly continuing its downward trend. Whether through burns or withdrawals, more than 65.9 billion SHIB tokens have been taken out of circulation; however, this purging of the supply does not appear to be igniting bullish enthusiasm. Rather, the asset’s price is still perilously close to dropping by another zero.
Shiba Inu netflows
SHIB’s exchange netflows have been extremely negative lately, with over 11.7 trillion SHIB leaving exchanges on Oct. 30 alone, according to data from CryptoQuant. Large outflows are typically seen as an indication of accumulation or long-term holding, but there is a different context in the case of SHIB. Trading volume has plummeted, and investor participation is still declining, suggesting that this outflow may be due to disinterest rather than accumulation; traders are just not showing up.
The 200-day moving average and several levels of resistance above it are pressing down on SHIB, which is still trapped inside a wide descending channel on the daily chart. As of right now, the token is trading close to $0.0000101, showing no obvious signs of reversal. The RSI’s continued hovering around the 40 zone indicates a lack of momentum and ongoing weakness.
Essentially, the market is sending a clear message: if another zero is added, nobody wants to be the one holding SHIB. The short-term outlook is bleak due to the token’s incapacity to draw consistent inflows and a persistent downward trend. SHIB may rapidly drop toward $0.000008 if the rising support line around $0.0000095 breaks, thereby confirming another zero addition and completing its decline.
As of right now, demand is nonexistent despite severe burns and dwindling supply, and without it, Shiba Inus are merely a shadow of their once-excited selves.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team