Shiba Inu Price Rally Threatened by Substantial Sell-Off Activity

Shiba Inu has seen a significant price rally over the last day, surging by over 5% to reclaim its previous high above $0.0000055.

However, despite this positive momentum, on-chain data suggests that sellers may be dominating the market, potentially threatening the asset's upward trajectory.

A netflow of around 144 billion SHIB over the last 24 hours indicates a substantial increase in tokens being sent to exchanges for potential sell-offs, outweighing the amount of outflows targeted for buying by over 144 billion SHIB.

This divergence in exchange activity may suggest that the recent price rally is not backed by sufficient demand, potentially leading to a short-lived price spike and a drop back down to $0.000006 or even lower.