Shiba Inu has shown signs of weakening as its latest attempt at a rally fizzles. Trapped around the $0.0000052 mark, the once powerful meme coin is now facing growing selling pressure. Recent developments indicate that short-term profit-taking is on the rise for this popular digital asset.
Is Token Influx to Exchanges a Concern?
According to CryptoQuant’s metrics, Shiba Inu’s net token flow to exchanges surged to 261,705,600,000 SHIB on August 28, Friday. This measure contrasts the total tokens entering and exiting supported trading platforms. Higher incoming tokens often suggest an elevated willingness to sell.
The data highlights a significant surplus of tokens entering exchanges compared to those being withdrawn, surpassing 261 billion. This trend suggests that holders might be cashing out profits rather than holding onto gains from recent price increases.
CryptoQuant’s insights reveal a significant token migration to exchanges, hitting 261,705,600,000 SHIB, which could elevate the short-term selling pressure.
What Led to the Loss of Momentum?
Following these exchange activities, Shiba Inu’s ascent noticeably slowed. In the last 24 hours, the asset depreciated by around 3%, slipping into negative territory again. While still close to its recent peak, it appears that the upward momentum has waned.
The critical area of concern in the market is whether the $0.000005 support level can be upheld. Analysts caution that if buyer interest does not rebound and selling persists, this threshold might collapse, making downward pressure more evident.
- The current SHIB price stands at $0.0000052.
- There is a 3% decline over the past 24 hours.
- Exchange net inflow reached 261,705,600,000 SHIB.
- The key support level to watch is $0.000005.
Recent activity in Shiba Inu indicates that profit-taking following its rise has started to impact prices. The increased volume of tokens moved to exchanges signals a period of cautious market observation.
