Shiba Inu has failed to recover from its recent price drawdown, and the bearish momentum is beginning to expand to its exchange activity.
While the broad crypto market is also faced with the downtrend, the latest onchain data from crypto analytics platform CryptoQuant shows that Shiba Inu exchange supply is increasing.
88 trillion SHIB exchange reserve
While the data projects an extremely bearish exchange activity with the SHIB exchange netflow reflecting a positive balance of over 288 billion SHIB, the Shiba Inu exchange reserve has reclaimed the 88 trillion SHIB territory.
According to the data, Shiba Inu’s available supply across all supported exchanges is now sitting at 88,076,900,000,000 SHIB as of October 3rd.
This represents the highest level the Shiba Inu exchange reserve has reached since around June 3rd, when the market was extremely volatile, marking a four-month high in the metric.
While the 88 trillion SHIB exchange reserve has come at a time when the asset has slowed significantly in its price movement, the metric provides a bearish outlook for SHIB.
Shiba Inu price outlook
As of the time of writing, Shiba Inu is trading on a downward trajectory, showing a decline of nearly 3% in its price over the last 24 hours.
While this slow price move has coincided with a rising exchange supply, analysts predict that bearish traders might be taking over the market.
As such, Shiba Inu’s recent exchange activity has drawn attention from market participants amid speculation that the demand for SHIB has suddenly faded and traders are selling off their assets, positioning SHIB for more downside moves.
