$SHIB Price Takes Hit as Exchange Inflows Rise Amid Ongoing Selling Pressure

Shiba Inu's recent attempt at recovery has hit a snag, but it's not all bad news for the price. The average inflow size into exchanges increased by 0.48% to 1.15 billion $SHIB, while exchange inflows rose by 0.65% to approximately 268.14 billion $SHIB over the past 24 hours.

This influx of tokens is significant because it suggests that holders are moving their SHIB into exchanges where they can be traded and potentially sold. However, outflows continue to be substantial, with the seven-day moving average of mean exchange outflows increasing by 62.69% to around 734.49 million $SHIB.

The total exchange outflows increased by 1.77% to approximately 438.71 billion $SHIB, while exchange reserves dropped by 0.2% to 87.23 trillion $SHIB. The resulting exchange netflow is still very negative at around -170.57 billion $SHIB.

The price of SHIB has been impacted, with a 2% drop to around $0.00000515. It's currently testing the 20-day moving average around $0.00000517 and has broken below its short-term rising trendline that helped it recover from the low in August.