Shiba Inu's recent rally has hit an unusual snag as onchain data reveals a sharp increase in tokens moving onto exchanges, signaling renewed selling pressure. Over the past 24 hours, more than 69 billion SHIB have flooded exchange wallets, marking a reversal from the bullish netflow that had supported the token's price surge.
Crypto analytics from CryptoQuant show that Shiba Inu's exchange netflow, the balance between tokens deposited and withdrawn from exchanges, turned markedly negative. This means sellers are sending more SHIB to exchanges for liquidation than buyers are pulling off for holding or trading. Typically, such a spike in sell-side volume dampens price momentum.
Surprisingly, Shiba Inu defies this trend. Despite the heavy token inflow to exchanges, its price bounced back aggressively, reclaiming the $0.000004566 level after a more than 10% gain in the last day. This divergence suggests that buyers are stepping up to absorb the increased supply rather than retreating, adding complexity to the token's immediate outlook.
Such a dynamic is rare: usually, bearish netflow correlates with falling prices or high volatility. However, SHIB's recent performance hints at strong demand resilience, at least for now.
The market’s reaction adds intrigue as Shiba Inu breaks the common pattern observed in similar netflow scenarios, challenging expectations and raising questions about the underlying forces at play.
