Shiba Inu (SHIB), a popular meme coin, has seen stable price action in recent weeks. However, significant outflows have been noted across various crypto exchanges.
According to on-chain data, 307 billion SHIB tokens were withdrawn in the past 24 hours, peaking at 2.179 trillion earlier this week.
Data from CryptoQuant recorded over 309 billion SHIB tokens being withdrawn on September 11, amounting to over $4 million. A similar trend was observed on September 10 and September 9, when a peak withdrawal of 2.179 trillion SHIB worth approximately $29.5 million was noted.
IntoTheBlock (ITB) data corroborates this trend, showing a surge in transactions exceeding $100,000, totaling $143.68 million over the past seven days. This represents a nearly 60% increase, suggesting large holders are buying the dip.
Speculation is rising about a potential SHIB rally. SHIB has struggled to break above $0.000014 but has seen a slight increase, currently trading at $0.00001343, a 1.5% rise.
Continued strong SHIB outflows could push the price further, with a sustained move above $0.000014 potentially leading to new highs.
