Shiba Inu's Price Surge Falters as Weak Buying Pressure Takes Hold
Shiba Inu's recent price surge has failed to hold gains, and the cryptocurrency is currently trading below a key long-term moving average. The data suggests weak immediate demand and potential price consolidation or a short-term decline toward support levels around $0.0000047 if selling continues.
The seven out of eight short-term spot flow timeframes show negative net inflows, indicating more capital is leaving than entering the market. This trend contradicts the bullish sentiment that followed Shiba Inu's approval for listing on Japan's Nomura-backed Laser Digital platform in August.
Despite having over 1.6 million funded wallets, a sign of a wider community, the top 10 wallets still control over 62% of the supply. Bulls aim to recover above $0.0000055 and break through $0.0000057, $0.0000058 to challenge recent highs again.