Shiba Inu Dives 4% Amid Profit Taking and Exchange Inflows

Shiba Inu (SHIB) experienced a decline of around 4% in its 24-hour performance over the last 10 hours, primarily due to profit taking and significant exchange inflows. This drop occurred after a strong week where SHIB rallied by about 17%, breaking above its 50 and 200 period moving averages. The rally was fueled by a technical signal known as a 'golden cross' on the hourly chart.

The golden cross coincided with a broader crypto rebound following a Federal Reserve rate hike and positive macro and regulatory headlines for crypto. SHIB's price peaked near $0.00000560, then faded slightly to its current level of around $0.00000535.

Data indicates unusually large SHIB movements into exchanges, raising questions about the market's ability to absorb that supply without impacting prices. A net inflow of 115.228 billion SHIB was recorded over the prior day, with whale selling running at an elevated pace of 34 times its usual rate.