Shiba Inu Sees Massive Exchange Inflow, Price Dips Below $0.0000053
Shiba Inu has seen an influx of tokens into crypto exchanges over the past 24 hours, with over 264 billion SHIB flowing in. This increase in exchange inflows has pushed the token's price below $0.0000053.
The data from CryptoQuant shows that Shiba Inu's total exchange inflow currently stands at 599.18 billion SHIB, marking a 2.62% increase over the past 24 hours. Meanwhile, exchange outflows reached 334.94 billion tokens, up 1.07% during the same period.
As a result of this imbalance, Shiba Inu has seen a net exchange inflow of 264.24 billion tokens. This could raise concerns about potential profit-taking among investors, as they often transfer tokens to exchanges when they intend to trade or sell them.
The increase in exchange flows has also pushed the amount of SHIB held on trading platforms higher. Shiba Inu's exchange reserve has climbed to 87.12 trillion tokens, representing a 0.3% increase. At press time, these holdings were worth $461.73 million.