Shiba Inu’s recent price recovery is facing trouble after a large amount – around 178 billion SHIB tokens – was deposited back onto cryptocurrency exchanges. This increase in tokens available for sale is causing worry that prices could continue to fall. Data shows that exchange reserves of SHIB rose above 80 trillion tokens on Monday, with a significant surge in deposits.
Supply is back
Over the past day, the amount of Shiba Inu available has increased. We recently noted a steady decrease in Shiba Inu held on exchanges, approaching 80 trillion tokens. But it looks like the supply is stabilizing and things are returning to normal faster than anticipated.
Many believed a price drop would be a positive sign, suggesting investors were taking control of their tokens and reducing the number available for sale. However, the recent surge in new funds has temporarily stopped that trend.
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Shiba Inu sell-off intensifies
The recent return of 178 billion SHIB tokens to exchanges means more of the cryptocurrency is readily available for trading. However, this doesn’t necessarily mean everyone will start selling. Historically, large amounts of tokens moving to exchanges have often led to price swings, people taking profits, or preparations for selling off positions.
From a technical analysis perspective, things have unfortunately deteriorated for SHIB. We were watching a rising wedge pattern that had been supporting the price since March, but it recently broke down. This breakdown caused the price to fall back to its yearly lows and dashed any hopes for a bullish reversal we were anticipating.
The token’s price is currently below its key moving averages (50-, 100-, and 200-day), suggesting a continuing downward trend. Indicators also don’t point to any near-term improvement, as demand is falling and sellers remain in control, pushing the Relative Strength Index down to around 35.
Currently, the key support level to watch is around $0.0000053. If the price falls below this point, it could signal further declines for SHIB, as traders may lose hope for a quick price increase. Increasing amounts of SHIB arriving on exchanges, coupled with this potential breakdown in price, are warning signs that buyers should be aware of.
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2026-06-01 16:21