[DigitalToday reporter Yunseo Lee (이윤서)] Exchange deposits by Shiba Inu (SHIB) held in the top 10 wallets have plunged. With prices remaining weak, inflows to exchanges by large holders appear limited.

U.Today, a blockchain media outlet, reported on Nov. 8 that these wallets deposited 2.281 billion SHIB to exchanges over the past 24 hours.

At the time of the count, SHIB was priced at about $0.00000446. Total exchange reserves at the same time stood at 86.1617 trillion SHIB, worth $384.28 million. The small size of deposits from the top wallets suggests large holders were limited in moving coins to exchanges immediately to sell.

Outflow indicators also showed funds leaving exchanges. Withdrawals over the past 24 hours were tallied at 3.4772 billion SHIB. Separately, net outflows across major exchanges, calculated by combining deposits and withdrawals, totaled 20.0745 billion SHIB over the same period.

Typically, when large holders move assets to exchanges in bulk, it is interpreted as a signal that short-term selling pressure could increase. This time, deposits from the top wallets fell and net outflows were seen at major exchanges, with no clear sign of a sharp rise in coins waiting to be sold. Exchange reserves fell 0.02 percent, and the value of reserves slid 0.47 percent.

Prices, however, have still not shaken off weakness. Shiba Inu turned back down after a brief rebound in early November. TradingView data show SHIB fell below the key support level of $0.00000480 and has been moving sideways around $0.00000447. The short-term support zone is presented at $0.00000440 to $0.00000442.

If that zone breaks, $0.00000410 is cited as the next downside level. If SHIB recovers $0.00000480, there is room for the rebound to continue. In that case, the $0.00000540 to $0.00000550 zone tested in October is seen as the next resistance area.

The key going forward is whether exchange deposits by large holders rise again. Indicators over the past 24 hours showed a drop in deposits from the top wallets alongside shrinking exchange reserves. Prices remain weak, but based on exchange flows alone, it is hard to say additional selling pressure has surged sharply.