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After several days of high activity, on-chain data indicates that Shiba Inu's exchange flow dynamics have changed once more, with netflows returning to almost neutral territory. After last week's dramatic fluctuations, the most recent metrics show a net exchange flow of roughly -2.31 billion SHIB over the previous 24 hours, indicating that inflows and outflows are now mostly balanced. A negative netflow indicates that slightly more tokens are leaving exchanges than are entering.
Shiba Inu moving between exchanges
In comparison to the trillions of SHIB that frequently shift between exchanges during times of increased volatility, a figure of -2.3 billion SHIB may seem insignificant. The most recent reading indicates that the market is entering a phase of consolidation rather than aggressive accumulation or heavy distribution.
Additional on-chain indicators corroborate that interpretation. At about 86.99 trillion SHIB, exchange reserves are essentially unchanged, suggesting that the total quantity of tokens held on centralized exchanges has stabilized. The seven-day average of exchange outflows decreased by 16.6 percent, while exchange inflows increased slightly by 0.65%, indicating that the withdrawal wave that was observed earlier this week has begun to subside.
Despite the slowdown in exchange movements, network activity is still comparatively strong. Active receiving addresses increased by 0.86% over the previous day, while active addresses increased by 0.81%. Additionally, there was a slight increase in the number of transactions, indicating that users are still using the network despite the decline in speculative trading. Technically speaking, SHIB is trying to stabilize following its dramatic rally and the decline last week.
At $0.00000465, the token is currently trading well above the 50-day and 100-day moving averages. After months of consistent weakness, those indicators have now started to function as close support. The 200-day moving average around $0.00000598 remains the main barrier, however.
Shiba Inu's comfort zone
During its recent breakout, SHIB came close to the larger resistance zone around $0.00000500, but it was unable to sustain momentum, which led to profit-taking and a return to moving-average support.
After momentarily going into overbought territory during the rally, the Relative Strength Index has also returned to normal. The RSI, which is currently in the mid-50s, indicates that momentum has cooled without turning bearish, opening the door for another attempt to rise if buying pressure resumes. As of right now, neutral exchange netflows show that neither buyers nor sellers have established a clear advantage.
The argument for fresh accumulation would be strengthened if exchange reserves started to fall while net outflows started to rise once more. On the other hand, increasing inflows combined with declining price action may indicate that more holders are getting ready to sell.
Both on-chain metrics and the technical picture point to consolidation rather than a clear directional shift, suggesting that SHIB is currently consolidating its recent gains rather than starting a new trend.
Dan Burgin
