Shiba Inu Exchange Inflows Soar, But Net Flow Suggests Caution Ahead

According to recent exchange flow data from CryptoQuant, analyzed by Coin Edition on September 29, a significant amount of Shiba Inu (SHIB) tokens were transferred to trading venues within 24 hours. The figure stands at 500.12 billion SHIB.

This might seem like a sell-off, but it's not necessarily one. During the same period, withdrawals rose more than deposits, indicating that on balance, more SHIB left the exchanges than arrived. This nuance is crucial when building a forecast.

On Tuesday evening, SHIB traded at Kraken at 5.76 millionths of a dollar, up around 1.3 percent from the previous day in USD terms. In euros, that's equivalent to 5.09 millionths of a euro. The price range for the day was between 5.50 and 5.91 millionths of a dollar, with a volume-weighted average price of 5.69 millionths of a dollar.