Shiba Inu Exchange Withdrawals Reach 1.02 Billion SHIB as Price Nears July Low
Shiba Inu (SHIB) is approaching its July price low as average exchange withdrawals climb to 1.02 billion tokens per transaction, according to CryptoQuant data. However, the increase in withdrawals has yet to provide clear evidence of sustained accumulation, with large exchange reserves and weak trading volumes continuing to weigh on the market outlook.
SHIB recently fell to $0.00000416, just above its July low of $0.00000413. The cryptocurrency is facing continued selling pressure amid broader weakness in digital asset markets, leaving its price close to a significant historical level.
Shiba Inu Exchange Withdrawals Increase Despite Large Reserves
CryptoQuant data shows that average Shiba Inu withdrawals reached 1.02 billion SHIB per transaction, indicating increased movement of tokens away from cryptocurrency exchanges. Despite this activity, approximately 86 trillion SHIB remain on exchanges, while incoming transfers continue to exceed outgoing transactions.
The withdrawal activity appears to be driven primarily by retail investors, with limited evidence of significant institutional participation. Moving tokens away from exchanges can indicate that holders intend to retain their assets rather than sell immediately, but the available figures do not establish whether the activity represents long-term accumulation or routine wallet transfers.
Some of the reported accumulation activity could also be associated with automated market-making operations rather than stronger demand from investors. As a result, rising withdrawal figures alone do not confirm that market sentiment toward SHIB has turned positive.
Network Activity Rises Amid Broader Crypto Market Weakness
Shiba Inu also recorded increases in active addresses and transaction counts over a 24-hour period, suggesting greater network participation despite unfavorable market conditions.
The broader cryptocurrency market, however, faced substantial pressure. Approximately $1.6 billion in liquidations occurred as Bitcoin dropped below $70,000, affecting multiple altcoins and contributing to weaker sentiment across digital asset markets.
A broader recovery involving Ethereum, XRP, and Stellar could provide support for SHIB if buying activity strengthens across altcoin markets. However, such a recovery remains dependent on wider market conditions and an improvement in investor demand.
SHIB Price Tests Support Near Its July Low
Shiba Inu's decline to $0.00000416 has brought the token close to its July low of $0.00000413. The relatively small gap between the two levels highlights how close SHIB is to revisiting its previous price bottom.
Trading volume remains extremely low despite the increase in exchange withdrawals. This suggests that the movement of tokens has not been accompanied by strong overall trading participation or clear improvement in market momentum.
Technical indicators also provide little confirmation of an immediate reversal, leaving the token exposed to further selling pressure. A move below $0.000004 would mark another setback, although SHIB has traded beneath that threshold during previous market activity.
For now, the combination of rising withdrawals, approximately 86 trillion SHIB held on exchanges, and subdued trading volumes offers mixed signals. Whether the token can establish stronger support will depend partly on broader cryptocurrency market conditions and whether buying activity begins to strengthen.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.