As Shiba Inu’s price attempted a new rebound, significant changes in token movements to exchanges were observed, suggesting a shift in market sentiment.
Price Ascends While Exchange Net Flow Recedes
Over the past 24 hours, Shiba Inu (SHIB) saw a price increase of 5.5%, reaching approximately $0.00000521. Surpassing the moving average near $0.00000489 for the first time since June, this rise bolstered the token’s technical outlook. However, exchange data presented a mixed narrative. The net flow to exchanges dropped significantly to 212.3 billion SHIB from over 1 trillion SHIB previously, indicating a substantial weakening in net supply directed at exchanges despite the price increase.
“The 811 billion SHIB decline in net flow does not confirm a widespread investor shift towards selling during this price rise.”
High Exchange Entries Versus Exits: A Balance?
Exchange inflows rose by 1.85%, reaching approximately 1.007 trillion SHIB. The seven-day average inflow also saw a 26.36% increase, amounting to 1.286 billion SHIB. Exchange reserves experienced a 0.24% rise to a level of 87.39 trillion SHIB, suggesting some investors continued transferring tokens to trading platforms.
Despite this, exits from exchanges remained substantial, with around 748 billion SHIB leaving. Active address numbers grew by 1.15%, while buyer addresses increased by 1.12%. This reflects not just a one-sided movement towards selling but rather denotes broader network activity. As a meme coin developed on the Ethereum network, Shiba Inu continues to intrigue various market participants.
- Shiba Inu’s recent price contacted levels not sustained since June.
- Exchange net flow decreased significantly, highlighting a reduction in net supply to exchanges.
- Inflows increased slightly, yet exits stayed notably high.
- Active and buyer addresses within the network saw moderate growth.
Technical indicators reveal buyers briefly took the upper hand, highlighted by price moves past the $0.000005 mark, signaling potential growth toward the $0.0000055 – $0.0000057 range. Nonetheless, as the Relative Strength Index climbed to 67.4, SHIB approached the overbought territory.
Consequently, as prices advanced, the risk of profit-taking amplified. However, the sharp decline in net flow did not demonstrate a complete investor withdrawal from the bullish momentum. Amid Shiba Inu’s strongest rebound attempt in weeks, exchange supply dynamics stabilized against substantial exits, indicating that selling pressure wasn’t the sole defining factor.
