Shiba Inu Exchange Outflows Surged 121%, But Inflows Soared Even Higher

Shiba Inu's exchange outflows have surged by 121% in just seven days, according to data. While this could be seen as a bullish signal due to fewer tokens being available for sale on exchanges, it's actually counteracted by an even greater increase of 182% in exchange inflows.

This means more SHIB tokens are entering trading platforms than leaving them, resulting in a net positive inflow of around 86.5 billion SHIB. This increased supply on exchanges is putting immediate sell pressure on the token's price.

SHIB's price has been testing key support near $0.000005, but there are bearish signs emerging from reduced speculative interest and low token burn rates. These factors suggest caution ahead for investors in Shiba Inu.