I just noticed something interesting in the on-chain data of Shiba Inu. While the token remains under pressure and trades around $0.000005851, the reserves on exchanges have been decreasing quite a bit over the past few weeks. Specifically, they went from over 82 trillion SHIB to about 81.35 trillion, meaning approximately 700 billion tokens have left the exchanges. That’s a significant move.

What’s interesting is that this could indicate that investors are withdrawing tokens from exchanges rather than selling them. Some argue that this reflects a more bullish stance, especially if retail investors are accumulating for the long term. Although, it’s also important to consider that whales and the exchanges themselves might be moving funds to cold storage, so the situation is a bit more complex. In any case, if fewer tokens are available for immediate sale, theoretically, there should be less downward pressure.

SHIB continues trading near its key support level at $0.0000056, which has historically triggered rebounds. Some analysts expect that if this level holds, we could see an upward move. But realistically, everything depends on how the broader market moves. If cryptocurrencies in general keep falling, SHIB will probably follow suit, regardless of what the exchange reserves do.