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Shiba Inu whales continued accumulating the meme coin despite its ongoing price decline, withdrawing 174.8 billion SHIB from exchanges during the past 24 hours. CryptoQuant data showed the large outflow as SHIB defended the $0.0000040 support level. Meanwhile, exchange reserves declined, derivative activity increased, and the total number of SHIB holders reached a new record.
CryptoQuant data recorded a negative exchange net flow of 174.8 billion SHIB over the past day. The figures indicate that holders removed more tokens from exchanges than they deposited. At the current market price of $0.00000417, the withdrawn tokens carry a value of about $792,002. Such transfers usually move assets into self-custody or third-party wallets instead of exchange accounts.
As a result, those tokens become less available for immediate sale. At the same time, the total SHIB balance on exchanges slipped to 86.6 trillion tokens after the latest withdrawals. Furthermore, the lower exchange reserve reduces the amount of SHIB available on trading platforms. If demand increases while exchange balances continue falling, supply conditions could tighten.
Besides that, the continued buying activity shows that large holders continue adding to their positions even though SHIB trades near multi-year lows. Their accumulation has continued despite the absence of a confirmed market bottom.
Open interest in Shiba Inu futures also moved higher during the last 24 hours. The metric climbed 5.7% to $28.8 million, representing about 6.52 trillion SHIB. Open interest measures the total value of active futures contracts. Rising figures indicate that traders opened additional derivative positions during the reporting period.
Even so, current open interest remains far below earlier levels. It has fallen about 80% since reaching $145.5 million on January 6, reflecting reduced participation during the broader market downturn.
The decline mirrors conditions across the cryptocurrency market. Large liquidations and continued price volatility have encouraged more cautious trading activity.
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From a technical perspective, SHIB continued trading above the $0.0000040 support zone after touching $0.00000408 on Monday. The decline followed renewed market concerns linked to the U.S.-Iran conflict.
Nevertheless, buyers defended the support level once again. SHIB also rebounded from the same demand zone during late June before returning to its current trading range.
Attention has now shifted toward the descending resistance trendline that has limited price advances since May 10. A move above that level would clear the next technical barrier.
The number of SHIB wallets has continued rising. BSCN reported that the network added nearly 75,000 holders between July 5 and July 6, far above its usual daily pace.
The reason behind that sudden increase remains unclear, and some observers suggested it may have resulted from a technical glitch. Even so, the total wallet count reached a record 1,676,535 holders.
Shiba Inu whales withdrew 174.8 billion SHIB from exchanges as the token held the $0.0000040 support level. Meanwhile, exchange reserves declined, open interest increased, and SHIB holders reached a record high. Market participants will continue watching whether these on-chain trends influence future price movement.
