Shiba Inu returned to the top 30 after $781 billion SHIB withdrawn from exchanges

Despite a sharp decline in the final week of June, Shiba Inu (SHIB) has regained its place among the top 30 cryptocurrencies by market capitalization. According to data from CoinMarketCap, SHIB reclaimed the 30th position with a market cap of $2.48 billion, pulling ahead of Tether Gold (XAUt) and drawing even with Cronos during this period.

Substantial SHIB outflows from exchanges

While recent price fluctuations attracted attention, the most notable shift has been observed in on-chain activity, indicating that large investors have started to curb selling pressure. CryptoQuant reported that on June 23, there was an inflow of 751.64 billion SHIB into exchanges, which created significant downward pressure on the token’s price. However, this movement quickly reversed in the days that followed.

Between June 25 and June 29, a net 781.227 billion SHIB were withdrawn from exchanges into private wallets. This wave of outflows highlighted a reduction in the circulating supply actively available for trading. CryptoQuant, an analytics platform tracking on-chain and market flows, noted the importance of this development for SHIB’s market trajectory.

Mini glossary: Exchange reserves refer to the total amount of a cryptocurrency held on trading platforms. Net outflow means more tokens are withdrawn from exchanges than are deposited, which may signal a weakening in selling pressure.

During this same period, the total SHIB reserves on exchanges dropped from 87.96 trillion to 87.18 trillion tokens. This reduction offset much of the supply pressure that had been mounting with the recent sell-off wave.

Price consolidates in a narrow band

Large investors established a strong buy wall at the $0.00000414 level, effectively preventing losses from extending beyond the weekly drop of 10.27%. This support enabled SHIB to climb in the rankings, buoyed further by weakness in some competing altcoins.

Nevertheless, SHIB’s price remains trapped within a narrow trading range, stuck between the $0.00000414 support and the local resistance near $0.00000430. Despite its improved market positioning, the asset has yet to break out of this horizontal pattern.

There is currently no apparent catalyst within the network to spur new momentum, and observers believe that SHIB’s next direction will largely depend on overall market sentiment. In particular, retail-driven speculative volume has remained limited at $59.93 million, diminishing the odds of a strong near-term breakout.

Looking ahead, continued reduction of SHIB supply on exchanges by large holders could pave the way for more decisive moves, should favorable market conditions emerge. While the token has re-entered the top 30, its trajectory will likely remain tied to risk sentiment across the broader crypto landscape.

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