Shiba Inu Netflow Turns Bearish as Traders Flock to Exchanges
Shiba Inu's netflow has turned bearish, indicating selling pressure is mounting. According to data from CryptoQuant, the current exchange activity shows that more tokens are being moved out of exchanges for selling purposes than those being withdrawn in demand. Specifically, around 145 billion SHIB have been moved to exchanges as traders begin to sell off their assets after a recent price breakout.
Shiba Inu's price has also taken a hit, with the asset experiencing daily price declines of about 3% over the past few days. This is causing concerns that it may be on track to losing its major $0.000005 price level if demand continues to slow. While traders were selling off their assets after a recent price breakout helped them recover, this recent downturn has led to speculation that a bearish month ahead could further erode the asset's value.
It is worth noting that Shiba Inu has been showing mixed price action over the last few days and its exchange activity is no longer flashing a bullish signal. This is causing concerns among investors, who are now waiting to see if this trend will continue or if prices will stabilize soon.