Shiba Inu’s numbers are even more interesting. Total $SHIB exchange reserves currently sit at around 86 trillion tokens, so Upbit most likely holds about three quarters of all $SHIB available on exchanges, if both data sources track the same wallets.
Shiba Inu has been struggling on the market for ages; however, there is finally an exchange outflow of approximately 144 billion $SHIB in the last 24 hours. It’s a drop in the ocean though: exchange reserves went down by only 0.17%, and around 183 billion $SHIB still flowed into exchanges over the same period.
Prices aren’t doing well
Prices for both assets aren’t doing well, showing a similar continuous bearish dynamic, with Dogecoin slowly tumbling below $0.07. Dogecoin is currently moving around $0.07, slowly losing the threshold, while continuously moving below all major moving averages. It has already lost around 35% from its September peak. Unfortunately, the price is struggling around the bottom and there’s a good chance the current period’s bottom will be violated. The current price level is the lowest point on the chart in the last year.
$SHIB is in the same position, trading at $0.00000443 after breaking below the ascending trendline that supported it since July. The closest support is the July low around $0.0000041, with the moving averages above it aiming downwards.
RSI for both assets is moving around 35, so the market isn’t oversold yet. With this much $DOGE and $SHIB sitting on one exchange, selling from Upbit users could add even more pressure on the price, unfortunately.
