Shiba Inu's price is currently experiencing downward pressure as significant exchange outflows are overshadowing recent growth in Asia. The token is trading at approximately $0.00000409 after a decline, highlighting a broader weakness in the cryptocurrency market.
Exchange Outflows Impact SHIB
Today, around 64 billion SHIB has exited cryptocurrency exchanges, continuing a trend that has seen over 1.4 trillion SHIB leave centralized platforms in the past ten days. On-chain data reveals that 173.45 billion SHIB was deposited into exchanges in the last 24 hours, while 271.09 billion SHIB was withdrawn, resulting in a negative netflow of 97.64 billion SHIB. This trend indicates increasing selling pressure, as more tokens leave trading platforms than enter, leading to higher exchange reserves of 86.497 trillion SHIB.
The recent data suggests a reversal from previous accumulation signals, as the higher exchange balances reflect intensified selling activity that has adversely affected SHIB's price. Despite positive developments, such as institutional interest from Japan, the short-term outlook appears less favorable.
Institutional Developments in Japan
On the positive side, Shiba Inu has gained visibility in Asia following a significant acquisition by SBI Holdings, one of Japan's largest financial service groups. SBI's acquisition of Coinhako was recently completed, now managing approximately 1.111 trillion SHIB, valued at around $4.5 million at the time of the transaction. This move has potentially elevated SHIB's institutional profile, as Coinhako already held these assets as part of its customer reserves and overall digital asset portfolio.
With Coinhako managing a digital asset portfolio exceeding $164 million, SHIB is now among its more substantial cryptocurrency holdings. This acquisition signals a growing institutional interest, although the current market dynamics pose challenges for SHIB's immediate performance.
This article is for informational purposes only and should not be considered financial advice.
