Key Takeaways
What is the implication of SHIB inflows to Binance?
Typically, it points to selling pressure, but it could also be due to internal treasury moves.
What do the metrics show for Shiba Inu price trends?
Some metrics showed accumulation and buying pressure in recent weeks, hinting at bullishness.
In a post on CryptoQuant Insights, user CryptOnchain observed that Shiba Inu [SHIB] reserves surged to 1 trillion tokens on the popular exchange Binance.
The Binance SHIB reserves jumped from roughly 400 billion tokens to 1 trillion, making it the largest SHIB holder among both centralized and decentralized exchanges.
Source: CryptoQuant
Generally, large inflows point to an imminent wave of selling.
The scale of Binance’s holdings highlights the exchange’s role in SHIB liquidity, and could have been a result of user deposits or internal treasury moves.
It showed that Binance is the exchange to watch when gauging exchange-related metrics.
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Author: Akashnath S
