699 Billion SHIB Hits Exchanges in a Single Day On-chain data shows that on June 2, $SHIB's exchange inflow total increased to roughly 699.3 billion tokens, the highest single-day inflow in t
On-chain data shows that on June 2, $SHIB's exchange inflow total increased to roughly 699.3 billion tokens, the highest single-day inflow in the previous 30 days. The figure far exceeded the average daily inflows seen throughout May.
The sudden spike in exchange transfers has reignited debate about potential sell-side risks for SHIB, which has faced ongoing market pressure. Total SHIB inflows to exchanges topped 631 billion and exchange reserves climbed toward 80.5 trillion, with growing reserves meaning more tokens are immediately available for transactions, which can ease scarcity and intensify selling pressure.
SHIB recently fell below a multi-month ascending support line that had held since March, with a new wave of selling pushing the token toward the $0.0000052 to $0.0000053 range and leaving it trading close to its local lows. The token remains stuck below its key moving averages, with the 50-day and 100-day moving averages acting as dynamic resistance and the 200-day moving average sitting significantly above the current market price.
While a significant uptick in exchange deposits often indicates that investors may be preparing to sell, such movements do not always signal a definite market direction. Increased activity can also reflect preparations for position changes or expectations of higher market volatility.
Momentum indicators are edging closer to oversold territory, suggesting the possibility of a short-term technical rebound cannot be entirely ruled out, though the overall trend at this stage remains to the downside. The key question now is whether the major exchange inflow signals capitulation or the start of a new distribution wave. If buyers are able to absorb the influx, SHIB could see stabilization and a limited recovery. Otherwise, the spike may serve as further evidence of bearish control, raising the likelihood of additional declines in the weeks ahead.
Sources:U.Today: Shiba Inu (SHIB) Breaks 30-Day Record With 669 Billion Injection of CapitalBitget News: Shiba Inu sees biggest 30-day exchange inflow with 699.3 billion SHIB
