Shiba Inu (SHIB) price ended October strongly, scoring 16% in the last 10 days of the month. Recent on-chain movements provide vital insights into the impending SHIB price action. 

Shiba Inu made a significant leg-up in the last week of October as investors turned their attention to the memecoin markets. But will the current holders book profits early or push for more gains? 

Investors Deposit 2 Trillion SHIB Tokens Into Exchanges

Shiba Inu’s price performance has improved significantly over the past week. However, recent on-chain movements suggest that the price rally could be short-lived. 

Over the past month, Shiba Inu holders have continued depositing more tokens into exchanges. The CryptoQuant chart below shows that they moved 2 trillion SHIB tokens into crypto exchanges between October 7 to November 2.  

The chart below depicts that the inflows began on October 7, when the total SHIB supply on Exchanges was 168.5 trillion. As of November, the total SHIB Exchange Supply has now surpassed the 170 trillion mark. 

This means investors have moved 2 trillion SHIB tokens into crypto exchanges in less than a month. 

Exchange Supply provides a daily snapshot of the total deposits that investors currently hold in crypto exchange-hosted wallets. Typi

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Author: Ibrahim Ajibade

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