Shiba Inu Exchange Netflow Plummets by 97%, Contradicting Price Surge

Shiba Inu's exchange netflow has plummeted by over 97% in the last 24 hours, according to data from CryptoQuant. This bearish signal suggests that traders are sending more tokens back to exchanges than they're withdrawing, outpacing demand and putting pressure on the asset.

The exchange netflow of over 226 billion SHIB as of August 1 implies a significant sell-off, which is at odds with Shiba Inu's current price action. Despite this bearish trend, the asset has taken an unexpected turn, surging by over 7% in the last day.

This divergence between exchange activity and price action makes Shiba Inu an interesting case for analysts to watch. While the ongoing trend mimics the trading pattern seen last week, when SHIB surged by over 30%, holders are becoming optimistic about another parabolic price move similar to what was seen earlier.