Shiba Inu has recently flipped negative and its key exchange activity shows that demand is on pause and traders are increasingly selling again.
Latest onchain data from crypto analytics platform CryptoQuant shows that the Shiba Inu exchange activity has retreated from its recent bullish position, flashing negative signals.
Shiba Inu price explodes
The data shows the Shiba Inu exchange netflow has increased to over 69 billion SHIB as the amount of SHIB currently available for sale across all supported exchanges has surged substantially.
With the SHIB exchange flow sitting at a net balance of 69,237,400,000 SHIB, it implies that the amount of SHIB tokens being sent to exchanges for sale over the last day is substantially higher than the amount of tokens removed from the exchanges for buying purposes.
SHIB reclaims $0.000004566 despite bearish netflow
Despite the bearish trend in the Shiba Inu exchange activity, Shiba Inu has taken an unexpected turn with an explosive price move that has seen its price reclaim a previous high.
Unlike previous market situations when bearish netflows are met with extreme price volatility, Shiba Inu has defied the trend this time, resisting the pressure from sellers.
Although the SHIB exchange activity shows that inflows are outpacing outflows, Shiba Inu has surged by over 10% over the last 24 hours, reclaiming its previous high of $0.000004566.
Nonetheless, the unexpected divergence between the SHIB price move and exchange netflow suggests that buyers are aggressively absorbing the additional supply entering exchanges.
Dan Burgin
U.Today Editorial Team
