Shiba Inu Price Faces Selling Pressure as Exchange Inflows Surge

The Shiba Inu (SHIB) price surged 0.89% to $0.00000545 in the past 24 hours, but a significant increase in exchange inflows is putting near-term selling pressure on the token.

According to data from Cryptorank, exchange inflows reached 193.32 billion SHIB, while outflows stood at 131.59 billion SHIB, resulting in net flows of approximately 61.73 billion tokens.

This marks a significant increase of about 75 billion SHIB compared to the previous reading, leaving traders concerned about the supply pressure on the token as it approaches major technical barriers.