u.today
After the substantial price surge witnessed in the previous day, Shiba Inu has suspended its rally, as it has traded in the deep red territory all through today.
Amid this slow price movement, Shiba Inu is down 5.43% in its trading price over the last 24 hours, as demand appears to have slowed. Notably, the asset has witnessed an increase in its exchange netflow in the last day, further confirming its bearish outlook, as traders appear to be selling.
While the increase in exchange flows stands as a bullish indicator, the surge in netflow seeks to expand the supply of SHIB available on crypto exchanges, fueling a deeper price slump.
52,220,500,000 SHIB in 24 hours
According to data from Cryptoquant, Shiba Inu traders have sold more tokens than they have purchased over the last day, as its exchange netflow has surged mildly by about 1.54%, sitting at over 52 billion tokens over the period.
It is important to note that the Shiba Inu exchange netflow represents the difference between the asset’s exchange inflows and outflows. Thus, the increase in the metric means that the amount of Shiba Inu tokens withdrawn from exchanges is less than the amount of tokens deposited for sale by over 52 million SHIB.
Are SHIB holders taking profits?
This increase in the metric spans across all Shiba Inu’s supported exchanges, including Binance and Coinbase. While this bearish metric was preceded by a notable rally in the asset’s price, as witnessed yesterday, speculators have suggested that whales might be taking profits.
While it appears that holders are more willing to sell than retain their holdings, investors are still confident that it is not the end for the asset, predicting a potential shift in market sentiments as sellers are expected to get exhausted in no distant time.