On-chain data indicate growing selling pressure for Shiba Inu, as a net influx of 92 billion SHIB tokens has moved to exchanges within the last 24 hours. This positive net exchange flow reveals more SHIB entering platforms than leaving, sparking concerns that investors may be gearing up for potential sales amid market volatility.
Surge in Exchange Flows
According to data from CryptoQuant, the net flow of SHIB into exchanges increased by 0.77% over the past day. This period saw total inflows of 324.3 billion SHIB compared to outflows of 232.2 billion SHIB, resulting in a net deposit of approximately 92 billion SHIB to exchange reserves.
CryptoQuant is renowned for providing blockchain market data and analytics. Net exchange flow serves as a critical indicator to track whether investors are moving assets to trading platforms or personal wallets.
Positive net flow, with more tokens entering than exiting exchanges, suggests an increasing supply of tokens prepared for sale.
During the same timeframe, SHIB reserves on exchanges rose by 0.11%, reaching 86.3 trillion SHIB. In contrast, the dollar value of these reserves declined by 2.9% to $418.32 million. The rise in token balances, alongside a decreasing total market value, underscores ongoing price weaknesses.
October’s Similar Patterns Resurface
The current data echoes similar movements observed in October. On October 23, a net inflow of around 77.3 billion tokens was recorded for SHIB on exchanges. This repetitive flow highlights that the selling pressure is not merely a one-off phenomenon.
Weak Price Outlook Persists
According to TradingView’s daily chart, SHIB is trading near $0.00000489, following an attempted recovery at the start of October that failed to maintain above key moving averages. Although the token neared $0.0000060, it quickly retreated, demonstrating the sellers’ dominance.
The inability to stabilize above $0.0000052 indicates short-term seller dominance. The immediate psychological barrier is at $0.0000050, while significant selling zones are at $0.0000054 to $0.0000056. On the downside, $0.0000048 is the first area of interest, with $0.0000044 coming into focus if a deeper retreat occurs.
The Relative Strength Index (RSI) remaining below 50 reflects weak buying momentum.
The RSI is a technical indicator used to measure the speed and strength of price movements. Staying below the 50 level suggests limited buying momentum in the market.
