Shiba Inu Liquidity Crunch Hits Record Low

The Shiba Inu cryptocurrency has seen significant activity in its derivatives market, with prices rising by over 600% in recent times.

However, beneath the surface of this price action, there are concerns about the asset's liquidity. Data from Whale Scan suggests that exchange reserves for SHIB have hit a record low of 80.9 trillion tokens.

This has led to speculation that whales are moving their holdings into private cold storage, further reducing the supply of SHIB available on exchanges.

The burn rate of SHIB has also increased by 274% in the past week, according to Shibburn data.

Analysts believe that the fate of Shiba Inu is tied to the performance of Bitcoin, with the two assets experiencing a strong correlation. If this trend continues, it could see Shiba Inu flip Toncoin (TON) and potentially return to the top 20 list of assets.