Shiba Inu might be on track to losing the major $0.000005 price level after its demand appears to have slowed and exchange activities suggest that selling pressure might be mounting.
According to recent data showcased by crypto analytics platform CryptoQuant, Shiba Inu exchange activity is no longer flashing a bullish signal as its netflow has flipped to the other side of the market.
Shiba Inu traders are selling
The data suggests that Shiba Inu traders are beginning to sell off their assets to hedge against potential losses after the recent price breakout helped them recover.
Per the data, the Shiba Inu exchange netflow has dipped modestly as it currently sits at around 145,906,600,000 SHIB as of Saturday, August 29.
While this provides a bearish signal for the broader Shiba Inu ecosystem, it shows that the amount of tokens moved to exchanges for selling purposes is greater than the amount of tokens moved out of exchanges in demand by over 145 billion tokens.
This implies that momentum is fading, and traders are no longer willing to hold or accumulate more tokens amid speculation of a bearish month ahead.
Shiba Inu dips 4%
While the Shiba Inu ecosystem is beginning to face bearish momentum, the asset has also continued to show mixed price action over the last few days.
Notably, Shiba Inu has suddenly flipped into the red, risking a retest below the major $0.000005 level as it continues to show daily price declines of about 3% in recent days.
U.Today Editorial Team
Dan Burgin
