As Shiba Inu exchange holdings move close again to the 80 trillion-token level, they are emerging as a key on-chain indicator that could determine SHIB’s next price direction.

Blockchain outlet U.Today reported on June 23 that SHIB exchange reserves recently rose to about 8.05 trillion tokens, one of the highest levels in recent months.

This shift is drawing more attention for the pace of inflows than for the increase in holdings itself. More than 959 billion SHIB flowed into trading platforms over the latest measurement period. Tokens moved to exchanges rather than kept in private wallets are generally more likely to come onto the market, and participants have often read such moves as a precursor to selling pressure.

SHIB’s price action is also a burden. SHIB has remained below key moving averages after a rising wedge pattern recently broke down. It is trading around $0.0000045, with the 50-day, 100-day and 200-day moving averages still above it, signaling a continuing downtrend.

Rising exchange holdings have not always led to a sharp drop. In the past, there were cases where reserves surged and investors sold to take profits or reduce risk, strengthening selling. In other instances, reserves rose without a major price slide and the move was taken as broader participation or improved liquidity.

What sets this period apart is that SHIB has already reflected much of the weakness. After months of poor performance, SHIB is already trading near a local low. U.Today noted it was possible many speculative holders had already closed positions, and said a return to the 80 trillion-token level alone does not automatically guarantee another wave of large-scale selling.

Still, exchange activity remains a variable the market needs to watch. If reserves keep rising and inflows accelerate, the market could take it as a sign more supply is waiting. If reserves stabilise and the price starts to rebound, the increased liquidity may still be absorbed without a market shock.

SHIB is under pressure on both technical factors and on-chain flows. A return to 80 trillion tokens in exchange reserves is a meaningful shift in SHIB’s supply-and-demand structure, but it is not yet the stage to call it a bearish signal on its own. Ultimately, U.Today reported, SHIB’s next big move will depend on whether these holdings turn into actual selling pressure or simply reflect more active trading.