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- Binance now holds 1 trillion SHIB, largest among exchanges.
- Technicals indicate mid-range support at $0.00001327 is key.
- Low social hype and rising Mean Coin Age hint at potential bullish accumulation.
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Shiba Inu [SHIB] has made headlines after Binance’s reserves of the memecoin surged from approximately 400 billion to 1 trillion tokens, making the exchange the largest holder of SHIB across both centralized and decentralized platforms. CryptoQuant Insights highlighted that this massive inflow could signal potential profit-taking, as large exchange deposits often precede selling pressure.
The surge underscores Binance’s crucial role in SHIB liquidity. While the inflows may be due to user deposits or internal treasury maneuvers, they make the exchange a critical metric to monitor for traders tracking SHIB exchange activity.
Exchange Netflows Hint at Market Pressure
September has seen consistent SHIB inflows into Binance, with only four days recording negative flows. The 14-day Moving Average has remained positive for a week, reinforcing the notion that short-term profit-taking may be on the horizon. This comes just after a 17.9% price rally that took SHIB to $0.00001429, slightly above a key resistance at $0.000014.
Following this surge, Shiba Inu retraced roughly 7.5%, raising questions about whether traders should anticipate another 10% dip or a rebound. Exchange netflows suggest careful observation is warranted for short-term trading decisions.
Technical Indicators Suggest Bullish Potential
Data from Santiment reveals a rising Mean Coin Age since August, with dormant circulation remaining steady. The Weighted Sentiment metric was negative, implying that social media hype has been muted—potentially a good window for accumulation.
SHIB price action shows rejection at the $0.000014 resistance and a retest of mid-range support at $0.00001327, a level that has held significance since February. Technical indicators like the CMF and A/D volume suggest strong buying pressure, while the Awesome Oscillator shows slightly weakened momentum. If the $0.000013 demand zone holds, traders could consider long positions, especially if Bitcoin surpasses $117.5k, which would boost SHIB’s bullish outlook.
Binance’s record SHIB reserves signal heightened attention on the memecoin, with inflows suggesting potential selling pressure. However, steady accumulation, low social sentiment, and technical support around $0.000013 may offer a strategic entry for traders eyeing a bullish rebound. Monitoring exchange flows alongside BTC price action remains essential for Shiba Inu traders.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Shiba Inu Offers 50 ETH Bounty to Recover $4.1M Stolen in Shibarium Hack
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
