Shiba Inu's exchange activities are flashing another sign of volatility, with an unusual 6% spike in netflows, suggesting that traders are increasingly selling off their holdings.
While Shiba Inu has been showing mixed price actions in recent days, the asset has seen a massive influx of SHIB tokens into exchanges over the past day, suggesting that holders have become more willing to sell than hodl over the period.
Over 350 billion SHIB return to exchanges
According to data provided by crypto analytics platform Cryptoquant, the Shiba Inu exchange netflow has surged by 6.23% over the last 24 hours. As such, the difference between inflows and outflows across all SHIB-listed crypto exchanges is sitting at +356,831,500,000 as of Wednesday, March 25.
With such a positive network, the metric is providing an extremely bearish outlook as it means that the amount of SHIB tokens sent to exchanges in several sell attempts is larger than the amount of tokens purchased over the period by over 350 billion tokens.
The surge in the SHIB netflow coincides with a mild drawdown in the asset’s trading price, as it had previously shown daily increases of over 3%. However, the asset now projects a mild 0.18% increase in its price over the last day, trading at $0.000006175 as of writing time.
SHIB holders rising
Although the SHIB exchange metric over the past 24 hours has flashed an extremely bearish signal, the number of holders joining the ecosystem have grown pretty well over time.
Just recently, the team revealed that the number of wallets holding SHIB tokens across all exchanges, including Binance and others, have surged to over 1.55 million addresses.
Dan Burgin
Vladislav Sopov
