Shiba Inu Price at Risk as Investors Transfer 1 Trillion SHIB Tokens into Exchanges

 Key Insights:

• At $0.000007, Shiba Inu (SHIB) price is now down 30% from its H2 2023 peak of $0.000011 recorded in mid-August. 
• This week, Investors transferred 1 Trillion SHIB tokens into crypto exchange wallets, sparking concerns of an impending sell-off.
• After 6% losses this week, key technical indicators suggest that the bears are firmly in control of the SHIB spot markets

At $0.000007, Shiba Inu (SHIB) price is now down 50% from its 2023 peak of $0.000011 recorded in mid-August. Recent on-chain transactions provide vital insights into the possible SHIB price action. Will it be a third consecutive losing month for SHIB holders?

Investors Deposit 1 Trillion SHIB Tokens into Exchange Wallets 

Shiba Inu’s price performance has been underwhelming since the bulls retreated from the $0.00001 local top in August. 

Since then, the media buzz and general interest surrounding the memecoin markets has waned, with investors switching focus to new emerging trends such as Real World Assets (RWA) and SocialFi.  

Now, after two months of declining prices, Shiba Inu holders have grown pessimistic and now bracing for major sell-action. In an indication of this, on-chain data compiled by CryptoQuant shows that investors moved 1 trillion SHIB tokens into crypto exchanges this week. 

The chart below depicts that, the inflows began on October 7, when total SHIB supply on exchanges stood at 168.5 trillion tokens. As of October 12, the total SHIB Exchange Supply has  not reached a 50-day peak of 169.6 trillion. 

This means that investors have now moved 1.1 trillion SHIB tokens into crypto exchanges within the last 5 trading days. 

Exchange Supply gives a daily snapshot of the total deposits that investors currently hold in crypto exchange-hosted wallets. Typically, when investors  exchange supply increases during a bearish market trend, it signals that a number of panikcing investors are looking to sell. 

Also, this trend crypto investors are looking to reduce their memecoin exposure amid the escalating geo political landscape and market volatility.  

Hence, with tokens available to be traded on exchange now at a two-month peak, SHIB price will like experience more downward pressure in the days ahead.

SHIB Price Prediction: Further Retracement Toward $0.000005

SHIB is currently trading at 0.0000068, and based on the provided technical indicators, the prevailing market sentiment is bearish. 

Shiba Inu is now trading below 10-day and 20-day, the Exponential Moving Averages (EMA), indicating a short term “Sell” signal. 

If SHIB prices continues to decline, the immediate lower support could be around 0.0000065. However, if the support breaks, SHIB price could wobble toward $0.0000060.

Alternatively, the RSI being in oversold territory may attract buyers, triggering a rebound. In that case, the 50-day SMA at $0.0000073 could act as an initial resistance level. and a break above it might indicate a short-term bullish reversal toward $0.000008