Shiba Inu Exchange Supply Surges, Threatening Rally

Shiba Inu's recent price increase has been cut short by a significant surge in exchange supply, according to data from CryptoQuant. The asset's netflow has reached an astonishing 241 billion SHIB over the last 24 hours, indicating that sellers are dominating the market.

This bearish trend is evident despite Shiba Inu's strong price movement earlier in the day, which saw a daily increase of around 4%. However, as trading activity picked up, it became clear that the rally was short-lived. The netflow data suggests that traders are opting to sell their SHIB tokens rather than buying them.

Although this may seem counterintuitive given the asset's recent price recovery, it implies that sellers are taking profit from the market. This could have significant implications for Shiba Inu's price in the coming days and weeks.