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The exchange balance of Shiba Inu on all platforms surged to a stellar figure of $929 million, according to the data shown by CryptoQuant.
This occurred in less than 24 hours on June 22–23, which can be viewed as a clear movement of the coin in the market.
Likewise, the value of Shiba Inu has also been on an upward curve, increasing by 7.66% to make the price $0.00001112, as shown by CoinMarketCap data in the last 24 hours.
A high exchange reserve indicates a large amount of Shiba Inu that can be traded, hence more prospects of profit. As the price and exchange reserves increase, it indicates a rising interest in the coin that may imply upcoming value gains.
With huge shares of Shiba Inu not being withdrawn off exchanges, the reserves suggest trustworthiness in the token by its holders.
New bullish attitude towards SHIB
Fresh data from Coinglass also throws more light on the current trading trends that prove positive to investors and traders.
The trading volume of SHIB decreased by 10.38% to $193.03 million, which indicates a slight slowdown. However, open interest rose 5.59% to $130.01 million.
This combination of stable reserves and rising available interest is a pointer to the market that has strengthened, which is consistent with the increase in price observed during the last few days.
The traders on the Binance, as well as OKX exchanges, are also taking more long positions, where the ratios stand at 1.0538 and 2.28, respectively.
Binance tops exchanges in SHIB inflows
In the meantime, a heatmap (from the same data) that monitors the net flows of big cryptocurrency exchanges provides an insight into the new market trends.
The heatmap depicting the last 12 hours presents Binance as the top with $1.02 million (in red to indicate an intense process). Bybit comes next with a figure of $288.40K.
Coinbase rounds the top three with an inflow of $218.99K. But the stand-out among them is OKX’s $262.87K in green, which could appeal to investors eager to find long-term growth.
A previous report showed that there’s increasing sell pressure from the technical and on-chain indicators. Hence, the coin’s price has dropped below important support levels.
Meanwhile, the meme coin has continued its deflationary burn mechanism with the token’s supply dropping to 589 trillion from one quadrillion.