In the past 24 hours, more than 2.4 trillion Shiba Inu (SHIB) tokens flowed through exchange wallets amid a sharp price jump from roughly $0.0000042 to $0.0000054. However, there is no indication that a single large trader was responsible for this massive token movement.
The transfers represent total activity into exchanges tracked by analysts and reflect a combination of market makers, traders, and significant holders adjusting their positions during this price rally. Importantly, a similar volume of around 2.376 trillion SHIB tokens exited exchanges simultaneously, resulting in a net inflow of only about 22.6 billion tokens.
This dynamic highlights intense two-way trading rather than a major sell-off or sudden flood of tokens. Despite the huge gross inflows, buyers managed to absorb the available supply, pushing SHIB price above its short-term moving averages.
South Korean Retail Traders Stir the Market
Market observers credit a surge in South Korean retail trading activity as a key factor behind this volatility. Crypto Briefing pointed out that on the exchange Upbit, trading volume recently rivaled that on Binance, marking a significant uptick in demand from Korean buyers. This, combined with some whale accumulation, likely tightened the supply of liquid tokens.
On the chart, SHIB briefly tested its 200-day moving average near $0.0000050 after breaking out above the 50-day and 100-day averages, gaining momentum supported by a sharp rise in RSI above 78. This indicates strong short-term buying pressure but also suggests the token is overheating.
Recent Ethereum price moves show some parallel with increased buying activity despite mixed signals, underscoring the market’s current eagerness for altcoins.
