Shiba Inu Rally Threatened by 241 Billion Netflow
Shiba Inu's recent rally may be losing steam as trading activity on supported exchanges suggests a bearish outlook. Despite an initial price increase of around 4% in early hours, data from CryptoQuant reveals a significant reversal in exchange activity over the last day.
The Shiba Inu netflow has recorded a massive balance of 241,877,000,000 SHIB in its exchange netflow over the last 24 hours. This indicates that bearish traders are actively selling, with sellers dominating the market and potentially taking profit after the recent price recovery.
This reversal is further supported by on-chain data showing Shiba Inu has suddenly flipped negative during the day, with a modest price decline of around 0.45%. Market participants remain hopeful for a potential reversal in the SHIB exchange movement to drive a faster recovery for its price.