• Too big to rally
• Shiba Inu reserves stay too high

With 87.5 trillion tokens of SHIB held on trading platforms, Shiba Inu is entering a new stage of its exchange activity. Exchange reserves are 87.5252 trillion SHIB according to the most recent on-chain data, a decrease of 0.18% over the previous day. More significantly, the seven-day chart indicates that reserves are declining following a significant period of accumulation. 

Too big to rally

The shift is significant because exchange reserves quantify the readily available supply that is stored in wallets under exchange control. While persistent withdrawals lower the amount of SHIB that is easily accessible for trading, rising reserves may increase potential sell-side liquidity. However, the absolute supply is still very large at 87.5 trillion SHIB, so the most recent decline should not automatically be seen as a supply squeeze. 

A much stronger signal is provided by netflow data. With a 24-hour decline of 4.73%, SHIB's total exchange netflow is currently at about -159.4 billion tokens. Withdrawals exceeded deposits during the measured period, which is known as a negative netflow. In contrast, exchange inflows have changed by just 0.04% to 231.187 billion SHIB. Exchange reserves' dollar value has decreased more quickly than the token balance. 

Shiba Inu reserves stay too high

The USD exchange reserve fell by 1.67% to about $403.49 million. Instead of an equally significant decline in the quantity of tokens held by exchanges, that disparity primarily reflects SHIB's poor price performance. Some positive network signals are present. The total number of transactions increased by 0.85% to about 4,540, while the number of active addresses increased by 0.83%. 

The same percentage increase was noted by the average transaction count metric. Although these changes are slight, they show that network activity has not declined in tandem with price. Nevertheless, the price chart maintains SHIB's larger issue. The token's late-July recovery failed around $0.0000050, and it currently trades close to $0.00000461.

With resistance at $0.00000497 and $0.00000588, SHIB is still below the longer-term moving averages. Additionally, the short-term average close to $0.00000464 is being tested. Currently, 87.5 trillion SHIB is not a clear bullish signal, but rather a new exchange-reserve baseline. The price still needs to recover $0.0000050 before the market can turn those on-chain gains into a convincing recovery, even though declining reserves and negative netflows lessen the immediate supply pressure.

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