SHIB’s exchange outflow hit 111.8B tokens, signaling large-scale accumulation by long-term holders.
Burn rate spiked 85.81% in 24 hours, removing over 15 million SHIB from circulation.
Technical setup shows bullish potential, with key breakout levels around 0.00001606 and targets up to 0.00002834.
Shiba Inu (SHIB) is showing strong signs of accumulation after exiting a prolonged downturn. The popular meme token is now range-bound in a tight consolidation zone. This current market position presents a compelling setup for a potential bullish move for SHIB.
Strong On-Chain Signs: SHIB Sees Massive Exchange Outflows, Higher Burn Rate
Data from CryptoQuant shows that SHIB transactions jumped from 6,200 to 7,510, yet the price remained stagnant. Such a divergence of rising activity with flat price action typically indicates either accumulation or distribution.
In SHIB’s case, however, its net exchange outflow on May 20 was a massive -111.8 billion tokens. This particular data point firmly leans the argument toward accumulation. This kind of large-scale withdrawal of tokens to self-custody or cold wallets is often interpreted as a long-term bullish signal. I…
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