SHIB Recovery Potential as Withdrawals from Exchanges Increase

The amount of tokens leaving exchanges in the Shiba Inu market has reached its highest levels in recent times. The average SHIB withdrawal from exchanges was 1.02 billion tokens per transaction. However, the total SHIB balance on exchanges remains high at approximately 86 trillion tokens. The increase in withdrawals is believed to be linked to individual investors, as there has not been a similar increase in the movements of large wallets. This situation indicates that large investors are remaining cautious. In the short term, a recovery ground for SHIB is considered possible. In the last 24 hours, there has been an increase in the number of active addresses and transactions on the network. However, the $1.6 billion liquidation in the markets and Bitcoin's decline below $70,000 have weakened risk appetite. Today, the SHIB price fell to $0.00000416, approaching the July low of $0.00000413. Low trading volume and weak market conditions indicate insufficient buyer interest. It is noted that SHIB does not show a strong correlation with Bitcoin but moves more closely with assets like XRP, XLM, and Ethereum.