Shiba Inu Exchange Outflows Surge as Token Approaches Critical Support

Shiba Inu's (SHIB) exchange outflow surged by 121% in 24 hours, but this increase was accompanied by an even larger rise in exchange inflows, keeping the token under pressure. According to on-chain data, the seven-day average exchange outflow reached approximately 579 million SHIB, marking a significant jump from the previous day.

However, the outflow increase alone does not signal a bullish shift in market conditions. In fact, exchange inflows climbed by 182.3% to about 1.68 billion SHIB, outpacing the increase in withdrawals. This imbalance has resulted in a positive exchange netflow, suggesting that more tokens are still moving onto exchanges than leaving them.

The token's ability to defend its current price is crucial as it approaches a technically significant area near $0.00000500. If SHIB fails to maintain this level, further weakness could expose the larger August support area around $0.00000440.