Shiba Inu Support Level at Risk as Selling Pressure Escalates

The Shiba Inu cryptocurrency has been experiencing increased selling pressure, which is putting its $0.000005 support level at risk.

As of writing, the price of SHIB is hovering around $0.0000052, having declined by approximately 3% over the past 24 hours.

Data from CryptoQuant shows that there was a massive net outflow of 261.705.600.000 tokens on August 28th, which suggests that investors may be selling their SHIB holdings.

The surge in exchange inflows after the recent price increase has led to an uptick in short-term profit-taking, making it difficult for buyers to maintain a bullish momentum.