**207 Billion SHIB Tokens Exit Exchanges in 24-Hour Period, Largest Outflow in Months**
Shiba Inu (SHIB) experienced a major withdrawal event, with 207 billion SHIB tokens exiting cryptocurrency exchanges within a single day, according to CryptoQuant data. This recent outflow marks one of the largest single-day withdrawals seen in months.
CryptoQuant’s data reveals that 121 billion SHIB tokens left exchanges on November 15, continuing their exit pattern into November 16. Despite the significant exchange supply reduction, SHIB’s price remained largely unaffected due to prevailing technical obstacles.
At the time of analysis, the token was operating at a support area. The Relative Strength Index (RSI) registered at 39, indicating weak market momentum. Additionally, all major moving averages were positioned above the current market value. Trading activity stayed steady as investors opted to hold their positions rather than sell their assets.
Technical analysts suggest that SHIB must break past its current support levels to test the first resistance area, where key moving averages intersect. Presently, the token’s price remains below these resistance levels, which have not been tested since the token outflows began.
Exchange data shows no clear correlation between token withdrawals and market price movements. However, the accelerated withdrawal of tokens from exchanges creates a supply shortage for potential sellers. Market participants withdrawing their tokens likely intend to hold, rather than sell, reflecting a behavior distinct from distribution patterns—where tokens typically flow into exchanges before being sold.
Historical data implies that prolonged exchange withdrawals have previously triggered market trend changes, although the timing of such events remains unpredictable.
Currently, Shiba Inu trades at a value approximately 90% below its peak market price. The broader cryptocurrency market experienced notable price fluctuations throughout November, as reported by market analysts.
https://crypto.news/shiba-inu-price-faces-massive-token-outflow-and-steadies-for-swing/
