SHIB trading volume plummets by 69%! What are investors waiting for?

A remarkable on-chain trend has emerged on the Shiba Inu front, drawing attention across the past months. Despite persistent weakness in the price charts and a prevailing downtrend, data from cryptocurrency exchanges reveals that SHIB holders are showing strikingly limited appetite for selling.

Very few SHIB tokens being sent to exchanges

Recent on-chain metrics indicate the number of wallets depositing SHIB to exchanges stands at just seven. While this figure does not mean only seven wallets moved funds, it highlights that exchange inflows from unique addresses remain exceptionally low based on moving averages. This scenario suggests that distribution pressure in the market is currently quite weak.

Shiba Inu, recognized as a meme coin operating on the Ethereum network and backed by a vast community, continues to attract interest. What stands out in this context is that, despite the ongoing price pressures, there has not been a substantial increase in the urge among investors to transfer tokens to exchanges for possible sale.

Price recovery remains challenged by resistance

A broader dataset supports this outlook. In the last 24 hours alone, total SHIB deposits to exchanges plummeted by over 69 percent. On the other hand, there have been minor upticks in active addresses, including those sending or receiving tokens—showing that activity on the network remains balanced, not collapsed.

On price charts, SHIB is attempting a recovery after a prolonged breakdown of its previous uptrend. The asset has managed to bounce from the local support zone near $0.0000045, regaining a modest foothold. Meanwhile, momentum indicators such as the RSI are moving out of oversold territory, suggesting selling pressure could be easing in the short term.

Yet, the lack of sell-offs alone does not confirm a bullish reversal. SHIB’s price is still tracking beneath both its 50-day and 100-day downward-sloping moving averages. The first notable resistance ahead is the $0.0000055 level, which previously functioned as support and now stands as immediate resistance.

Divergence seen between price action and exchange flows

The most notable element in the current picture is the divergence between price action and investor behavior regarding exchange flows. In typical prolonged weakness, it is common for holders to move assets to exchanges in preparation for selling. However, in SHIB’s case, the opposite trend is emerging: despite several months of declining prices, investors appear to be exercising patience and holding their tokens off-market.

Should the trend of decreasing exchange deposits continue and demand balance hold, the supply pressure in the market could tighten further over time. This scenario may not guarantee a swift breakout, but could gradually alleviate one of SHIB’s primary risks: sustained selling pressure.

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