Shiba Inu's Price Rally Falters as Sellers Dominate Netflow
Shiba Inu's recent price rally has sparked optimism among traders, with the asset surging by over 5% in the last 24 hours. This significant gain has pushed Shiba Inu above its previous high of $0.0000055, but onchain data from CryptoQuant suggests that the increased demand may not be as strong as it seems.
A whopping 144 billion SHIB tokens have flowed into exchanges over the past day, indicating a substantial increase in netflow. However, this surge is not necessarily bullish for Shiba Inu, as it signifies that sellers are dominating the market, with more tokens being sent to exchanges for potential sell-offs than being withdrawn for buying.
This divergence in exchange activity raises concerns about the sustainability of the rally, with analysts predicting that the price may soon lose its momentum and potentially even drop below $0.000006.