In a notable shift, approximately 96 billion Shiba Inu (SHIB) tokens were sold in the last 24 hours, indicating renewed selling pressure among investors. This increase in exchange inflows has raised concerns about a potential wave of distribution.
Recent on-chain data reveals that while around 96 billion SHIB entered exchanges, outflows reached approximately 112 billion SHIB. This trend suggests that many holders are preparing to sell or adjust their positions, despite the net flows remaining negative.
Market Conditions and Technical Analysis
The influx of tokens into trading venues comes at a time when SHIB is trading near $0.0000042, struggling under a persistent bearish trend. The cryptocurrency has faced downward pressure for months, and several attempts at recovery have resulted in lower highs. Currently, key moving averages (50-day, 100-day, and 200-day) are positioned above the current price action, highlighting a challenging market structure.
The significant movement of SHIB tokens on exchanges often indicates a rising inclination among holders to liquidate their assets. Increased inflows can elevate the available supply on trading platforms, which typically exerts additional pressure on prices amid weak market demand.
This material is informational and should not be regarded as financial advice.
