Shiba Inu's Exchange Reserve Hits 4-Month High Amid Bearish Market Sentiment

Shiba Inu's price has failed to recover from its recent drawdown, leading to a bearish market sentiment that's spreading to its exchange activity.

According to CryptoQuant's on-chain data, the Shiba Inu exchange reserve has reached a four-month high of 88 trillion SHIB, the highest level since June 3rd. This metric provides a bearish outlook for SHIB, despite the asset's recent price slowdown.

The exchange supply of SHIB is increasing, with a positive balance of over 288 billion SHIB in the SHIB exchange netflow. This suggests that bearish traders may be taking over the market, leading to a decline in demand for SHIB.

Shiba Inu's price is currently trading on a downward trajectory, with a decline of nearly 3% in the last 24 hours.