Shiba Inu (SHIB) has flashed a bullish signal as over 124 billion tokens were moved out of exchanges in the last 24 hours, according to data from CryptoQuant. The exodus, which includes withdrawals from Binance, suggests holders are accumulating rather than selling, reducing the circulating supply. SHIB's price rose over 2% to around $0.000004378, though it still trades with five zeros.
Exchange Outflows Signal Accumulation
The on-chain data shows a sharp reversal from recent selling pressure, with buyers returning to the meme token. Over 124 billion SHIB leaving exchanges indicates that investors are confident in holding the asset, a pattern often seen before a price rally. The trend has persisted since the start of the month, fueling hopes of a breakout.
Path to Removing a Zero
Despite the positive momentum, SHIB remains at local price levels, and analysts estimate it needs a 128% surge to reach $0.00001 and shed one zero. The shrinking supply on exchanges could support further gains, but the timeline for a major breakout remains uncertain. Market participants are watching whether the accumulation trend continues through the rest of the month.