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Shiba Inu had recently restored hopes after showing a massive price resurgence, sparking optimism among investors. However, the leading meme asset has now returned to the red zone as traders appear to be increasingly returning tokens back to exchanges.
Amid the shifting market dynamics, the SHIB exchange activities cannot be overlooked as they represent key signals to the asset’s potential price movement. Nonetheless, the asset’s exchange activity over the last day does not look promising.
SHIB exchange netflow rockets 8%
While SHIB has now taken a pause on the recent price resurgence, its on-chain activity is showing no positive outlook following a massive increase of over 8% in its exchange netflows over the last day.
Data from crypto analytics platform CryptoQuant shows that the difference between the SHIB inflows across all supported exchanges and its outflows, which sums up to be its overall exchange netflow over the last 24 hours, is sitting at a massive 760,649,500,000 tokens as of writing time.
With that much supply landing on crypto exchanges in a single day, it is a core signal of increasing selling pressure or preparation for high volatility ahead, hinting at growing fear and doubts among traders who might actually be panic selling.
With this massive netflow, the Shiba Inu exchange reserve has continued to increase massively, signaling growing sell-off attempts. As such, SHIB has remained locked in a well-defined downtrend, showing no signs of removing a zero anytime soon. Over the last day, data from CoinMarketCap shows that the SHIB price has declined by 2.9%, hence it is trading at $0.000008332 as of writing time.
SHIB exchange reserve grows to 82,320,100,000,000 tokens
Further data showcased by the analyst shows that the Shiba Inu exchange-reserve metric also supports the same conclusion, showing a decent increase of over 1% over the last day.
Thus, the data shows that the total SHIB currently held on exchanges like Binance, Coinbase has increased over the last 24 hours, currently sitting at over 82.320 trillion tokens.
While this signals an increase in the amount of SHIB supply available for sale, it appears that the asset is losing momentum and demand among retail and institutional customers is increasingly fading.