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Shiba Inu has started the day on a bullish trajectory, showing a daily price increase of about 4% as of the early hours of the day. However, it appears that the rally may be wrapping up soon as trading activity across supported exchanges provides a bearish outlook.
Per the latest data provided by CryptoQuant, Shiba Inu has witnessed a sudden reversal in its exchange activity over the last day, showing a positive balance as selling pressure appears to be rising again.
Shiba Inu exchange supply pumps
According to the data, Shiba Inu has recorded a massive balance of 241,877,000,000 $SHIB in its exchange netflow over the last 24 hours, suggesting that bearish traders are actively selling.
While this provides a bearish outlook for the asset, it implies that traders are more willing to dump tokens on exchanges rather than buy them, despite its relatively strong price movement.
Although the $SHIB netflow shows a positive balance, this is often considered bearish as it implies that the number of $SHIB tokens moved out of exchanges for buying purposes is substantially lower than the amount of tokens returned to exchanges for sale — by over 241 billion in just one day.
This implies that sellers have dominated the market over the stated period, as traders look to take profit following the recent price recovery.
Shiba Inu flips red
Although the day started off with a bullish price movement, the bearish exchange activity has seen Shiba Inu slow down significantly as on-chain data shows that it has suddenly flipped negative during the same day.
With Shiba Inu now showing a modest price decline of around 0.45%, market participants are hopeful for a potential reversal in the $SHIB exchange movement to drive a faster recovery for its price.