Shiba Inu recorded a sharp shift in on-chain activity over the past 24 hours. About 257.9 billion SHIB left exchange wallets, while a separate whale moved 400 billion SHIB from a Gnosis Safe Proxy address to a new external wallet.
The latest exchange netflow reading turned strongly negative. That means more SHIB left exchanges than entered them during the day. In practice, negative netflow often signals reduced sell-side liquidity. Traders usually move tokens away from exchanges when they plan to hold them rather than sell them quickly.
Exchange reserves also fell by 0.32% over the same period. The drop suggests that fewer SHIB tokens remained on trading platforms as outflows continued to exceed inflows.
The move came as SHIB broke below an ascending channel that had formed since March. The price also slipped under several support levels and moved toward fresh annual lows.
The broader chart still points lower. SHIB remains below its 50-day, 100-day, and 200-day moving averages, and those averages continue to decline. At the same time, momentum has weakened sharply. The Relative Strength Index now sits near 26, which places SHIB in oversold territory.
In past cases, readings below 30 have often signaled that selling pressure may slow. A relief rally can follow when momentum becomes stretched and buyers step back in. Yet the chart still faces firm resistance. Any rebound would need to clear the $0.0000053 to $0.0000060 range before the price can build stronger recovery momentum.
Will shrinking exchange supply be enough to offset the weak trend? That question now shapes the short-term SHIB outlook as traders watch for the next move.
A large SHIB holder also returned to the market after a month of silence. On June 8, the investor withdrew 400 billion SHIB from a Gnosis Safe Proxy smart contract address. Arkham Intelligence confirmed that the funds moved to a new external address. The tokens first passed through an intermediate wallet labeled 0xf9905...f64f5.
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That wallet had previously held only small third-party tokens. After the transfer, it became a large operating wallet with assets worth about $1.89 million.
The move drew attention since it shifted funds from a multisignature custody system to a single external wallet. On-chain records show the same investor had accumulated large SHIB positions one and two months earlier, then stayed inactive for about 30 days.
The wallet remains heavily concentrated in SHIB. Arkham data shows SHIB makes up about 99.4% of its total value, while the rest includes about 9.99 ETH, along with small amounts of SKYA and BASED tokens.
SHIB saw a strong drop in exchange balances as 257.9 billion tokens left trading platforms, while a whale moved 400 billion SHIB to a new wallet. Although the price trend remains weak, oversold signals and shrinking sell-side supply may shape the next move.