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Shiba Inu spot flows have seen a positive increase of 1,546% in 24 hours, but the SHIB price continues to trade in the red.
According to CoinGlass data, Shiba Inu saw spot inflows of $12.43 million, which estimates the amount of SHIB being moved from holder wallets to exchanges over the last 24 hours.
On the other hand, spot outflows — which estimates the amount of SHIB moved from exchanges to holder wallets in the last 24 hours — came in at $11.99 million. Cryptocurrencies being moved to or away from exchanges indicate an intent to sell or buy.
The dominance of spot inflows in the last 24 hours comes as the market faced selling on Wednesday.
The drop has seen $714 million in total crypto liquidations over 24 hours, largely from long positions, CoinGlass data shows.
Market sell-off deepens
Crypto losses increased this week across the board amid the delay of crucial U.S. economic data due to a partial government shutdown.
Investors have also continued to rotate out of risk-on assets, causing significant declines for major cryptocurrencies, especially on a weekly basis.
Shiba Inu is likewise seeing significant losses on a seven-day basis. Total crypto market value has dropped by $467.6 billion since Jan. 29, while total liquidations have surpassed $6.67 billion from this date.
SHIB price in red
At the time of writing, SHIB was down 2.95% in the last 24 hours to $0.000006973 and down 15% weekly.
Shiba Inu entered into sideways trading following a five-day drop from Jan. 28 to Feb. 1. The dog coin is currently trading in a range between $0.00000645 and $0.00000702 as prices stagnated on the market.
Indicators such as the daily RSI are near oversold levels, indicating the possibility of a relief rally if prices rebound on the market. Shiba Inu closed January down by 1.31%, with February being a positive month for its price, having ended the Februarys of 2022 to 2024 in green.
Tomiwabold Olajide
Godfrey Benjamin
Gamza Khanzadaev