thecryptobasic.com
Shiba Inu exchange netflow has ticked up in the past 24 hours alongside the latest price decline, suggesting renewed selling pressure.
The prominent meme coin has dropped 4% in the past 24 hours, joining a broader market trend. Technical analysis also revealed that it could not surmount the resistance at the apex of a descending triangle, forcing a rejection. Meanwhile, users have more to worry about, as on-chain data shows that selling pressure has ticked up in the past day.
Key Points
- Data from CryptoQuant shows that the $SHIB exchange netflow has amounted to 39,498,300,000 tokens in the past 24 hours.
- A jump in exchange netflow increases selling pressure, as more Shiba Inu tokens become available for immediate sell-off.
- CryptoQuant also shows a slight increase in exchange reserve to 81.29 trillion in the past 24 hours, supporting the inflow narrative.
Shiba Inu Holders Move Stash to Exchanges
Data from CryptoQuant shows that the $SHIB exchange netflow has grown by 39,498,300,000 in the past 24 hours. For the uninitiated, this tracks the difference between inflows and outflows, and in this case, more tokens were deposited into exchanges than withdrawn.
This increases selling pressure, as more Shiba Inu tokens become available for immediate sell-off. While not all inflows into exchanges directly translate into sales, they mean fewer tokens in self-custody wallets and more tokens in platforms where holders can easily dump if market conditions remain unfavorable.
CryptoQuant also shows a slight increase in exchange reserve to 81.29 trillion in the past 24 hours. The metric moved from 81.27 trillion on March 25 to its current level, supporting the inflow narrative.
5,000 to 12,000 New Shiba Inu Wallets Monthly
The Shibarium team also revealed steady growth in the Shiba Inu ecosystem despite negative price trends. A recent report found that retail users created between 5,000 and 12,000 wallets per month, reflecting steady growth.
The steady influx has brought the total number of holders to 1.558 million. For one, new wallets mean new users, which suggests higher adoption and potentially more token purchases. This means that regardless of the dip in the price, the ecosystem is thriving.