SHIB Exchange Supply Hits Record Lows: What’s Next For SHIB?
Shiba Inu (SHIB), the $8 billion meme, has seen its supply on exchanges drop to a record low, according to data from CryptoQuant.
Specifically, the SHIB token reserve has dropped from 135.6 trillion at the start of 2025 to just 85.3 trillion SHIB currently. This drop raises the question of whether these SHIB tokens are being transferred to decentralized self-custody wallets or sold. The low exchange supply could be a bullish sign when combined with stable trading volume, suggesting scarcity of the meme.
However, low trading volume on the spot market combined with the scarcity of SHIB on exchanges could indicate a decrease in demand. While spot market trading volume has been stagnant, SHIB has seen significant interest in the derivatives market. Specifically, the trading volume on SHIB derivatives contracts increased by 55%, reaching a total of $229 million. This shows renewed interest in speculating on the future price of SHIB, raising the weighted funding ratio of Open Interest (OI) to its highest level since late January 2025, according to real-time data from CoinGlass.
Currently, SHIB is facing a key resistance level at $0.000014. This sector holds 544.54 trillion SHIB out of a total of 589.25 trillion in circulation. If crypto whales start making entries at this price zone, the resistance could weaken, paving the way for SHIB to hit $0.000035, a price not seen since December 2024. Currently, SHIB is trading at $0.00001350, up 7% in two days after falling 13.6% over the past month.
Additionally, according to a report from Santiment, 61.3% of the SHIB supply is controlled by the top 10 wallets, posing a risk of a sharp price drop if these large holders decide to sell.
In conclusion, while the decrease in the SHIB supply on exchanges could be a positive sign, the concentration of supply in a few large wallets and low trading volume on the spot market could be factors to watch carefully in the coming period.