Key Insights
- Shiba Inu’s exchange netflow surged by 8%, indicating growing selling pressure among traders.
- SHIB’s exchange reserves have reached 82.32 trillion tokens, suggesting increased supply available for sale.
- Despite a recent rally, SHIB’s price has fallen by 2.9%, indicating a pause in momentum.
Shiba Inu (SHIB) has recently struggled to maintain its momentum after a promising price surge. The meme coin, which had sparked optimism among investors, is now encountering growing concerns as its exchange netflow saw a dramatic 8% rise within the last 24 hours.
The surge in Shiba Inu’s exchange netflows indicates a shift in the market sentiment surrounding the asset. According to data from the crypto analytics platform CryptoQuant, SHIB’s netflow surged to an alarming 760.64 billion tokens, a clear sign of rising selling pressure. This sharp increase suggests that traders are increasingly moving their SHIB holdings to exchanges, potentially preparing for further sell-offs or reacting to mounting volatility.
Exchange Reserves Hit Over 82 Trillion Tokens
Alongside the surge in netflows, Shiba Inu’s exchange reserves have also grown significantly, reaching 82.32 trillion tokens. This rise in supply available for sale further suggests that the asset could face continued downward pressure, as more tokens are positioned for potential liquidation.
Despite an earlier recovery, Shiba Inu’s price has taken a step back, dropping by 2.9% in the last 24 hours. Currently trading at $0.000008332, the asset is struggling to gain any substantial traction. This price dip aligns with the increase in exchange reserves and netflows, signaling a possible continuation of the downtrend.
Market Outlook Remains Uncertain
As SHIB continues to face challenges in holding its recent gains, the outlook remains uncertain. Increased inflows to exchanges suggest heightened fear among traders, with many potentially preparing for higher volatility or panic selling. These market dynamics point to growing uncertainty, making it difficult for Shiba Inu to reclaim its previous highs.
