Reserves of $SHIB on exchanges are decreasing
When an asset exits a bullish pattern, it is important to monitor the reserves on exchanges — they indicate how much supply can be sold instantly.
In the case of $SHIB , balances as of July 31 amounted to 122.54 trillion tokens, decreasing to 121.31 trillion by August 11 — a drop of nearly 1%. This indicates a reduction in selling pressure, creating favorable conditions for bulls to continue the price rise of Shiba Inu.
After the drop in supply on exchanges on August 11 to monthly lows, the price of Shiba Inu (SHIB) began to rise. Similar price changes caused by supply changes were observed earlier this month: on July 24 and August 6.
With the price increase, supply on exchanges slightly increased from August's lows. Traders should monitor the SHIB balance on exchanges.
