SHIB Exchange Outflow Surges 121% Amid Technical Pressure

Shiba Inu (SHIB) has seen its seven-day average exchange outflow surge by over 100% in just one day, a potentially positive sign for the token. However, this increase is not as bullish as it seems, as inflows are growing even faster.

The seven-day average exchange outflow of SHIB increased to 579 million tokens, up 121.26% from the previous day. But despite this, total exchange netflow was still positive at around 86.53 billion SHIB, thanks to a much larger increase in inflows, which grew by 182.3% to approximately 1.68 billion tokens.

This means that while more SHIB is being withdrawn from exchanges, an even greater amount is concurrently arriving on the platform. As a result, exchange reserves have increased by 0.1% to around 87.29 trillion SHIB.

SHIB is currently under technical pressure, with its price dropping nearly 4% in the daily candle and trading close to $0.00000520. The token's major long-term moving average remains at $0.00000568, but has been rejected at $0.00000540 in recent attempts to recover.