Shiba Inu Faces Price Drop as 82 Trillion Coins Flood Exchanges

Current on-chain data indicates a risk of decline in Shiba Inu (SHIB) price due to significant holdings on exchanges:

82 trillion SHIB held on exchanges, up from 81 trillion at the year's start, increasing selling pressure.
Positive exchange netflow suggests more SHIB being deposited than withdrawn, indicating potential sell-offs.
The SHIB price has decreased from a high above $0.000009 due to increased exchange reserves.
The broader crypto market's bearish trends have contributed to these sell-offs, with Bitcoin also experiencing a drop from $94,000 to $90,000.
In the derivatives market, SHIB trading volume fell over 5% to $203 million, and open interest dropped over 7% to $108 million, although the long/short ratio remains positive.

Despite bearish indicators, there are some positives:

A 111% increase in whale transactions suggests continued interest from large investors.
Daily active addresses for SHIB remain above 3,000, indicating sustained attention to the ecosystem.

Currently, the SHIB price is around $0.000008752, showing a decline over the past 24 hours.