Shiba Inu just saw one of its biggest token movements in months. In only 24 hours, a massive 207 billion SHIB tokens were pulled off cryptocurrency exchanges, according to new data from CryptoQuant. This is the largest exchange outflow the token has seen in a long time.
CryptoQuant’s numbers show that about 121 billion SHIB left exchanges on November 15, and the rest followed on November 16 as the withdrawal trend continued.
Even with this huge drop in exchange supply, SHIB’s price didn’t jump. The market simply didn’t have enough momentum. Analysts pointed out that SHIB is sitting on a support zone, and technical indicators remain weak. The Relative Strength Index (RSI) was at 39, which suggests slow trading conditions and low buying pressure. Major moving averages also remain above the current price, creating extra resistance.
Traders seem to be holding their SHIB instead of selling. Market activity stayed steady, showing that investors are choosing to wait rather than make big moves.
Technical analysts say SHIB needs to break above its current support zone before it can test its first resistance level—an area where several moving averages meet. For now, the price is still below both major resistance levels, and those zones haven’t been tested since these token outflows began.
Exchange data also shows there’s no direct link between withdrawal activity and price action. Even though tokens are leaving exchanges quickly, SHIB’s price hasn’t reacted. Pulling tokens off exchanges usually suggests investors want to hold long-term, since tokens typically flow onto exchanges when investors plan to sell.
Historically, long periods of exchange withdrawals have sometimes led to future price trend changes—but the timing is unpredictable.
Right now, Shiba Inu is still trading about 90% below its all-time high, and the broader crypto market has been going through heavy volatility throughout November.
There’s also some anticipation around SHIB’s future. The Shiba Inu development team confirmed new projects are on the way, but they haven’t shared details yet. Because of that, investors appear to be taking a neutral stance—neither aggressively buying nor rushing to sell.
