Shiba Inu Exchange Flow Plummets as Bears Take Over the Market

Shiba Inu's exchange activity suggests that bearish traders are taking over the market as demand has been overwhelmed by rapid sell pressure. The asset is currently showing a daily increase of over 7%, but its exchange netflow has declined massively by over 97% over the last 24 hours, according to CryptoQuant.

The Shiba Inu exchange netflow is currently sitting at over 226 billion SHIB as of Saturday, August 1. This implies that traders have sent tokens back to exchanges more than they have withdrawn over the last day.

This has printed a bearish signal, suggesting that the asset is experiencing another wave of sell-off pressure that has outpaced demand seen during previous trading sessions.