Amidst the widespread resurgence in the crypto market yesterday, Shiba Inu’s price trend suddenly turned bullish, but its on-chain activity does not seem to indicate a positive outlook for SHIB.
Concerns are growing among market participants; data According to on-chain analytics platform CryptoQuant, the net flow on SHIB exchanges currently stands at approximately 146 billion tokens, representing a 2.2% increase from the previous day.
This highlights a notable increase in token flows between wallets and exchanges, indicating a bearish outlook for the asset.
Billions of SHIB return to exchanges
The surge in net asset flows suggests that selling pressure on assets is increasing. shivthe data also reveals that net outflows of assets across all exchanges surged to around 435 billion.
Although the asset’s price trend shows a bullish trajectory, these numbers technically indicate that the token is increasingly returning to exchanges, which contradicts its bullish price movement.
It is important to note that SHIB coin flows continue to decline, which is a sign of increasing selling pressure and a potential market decline.
Moreover, such declines in currency flows have historically been associated with potential market corrections, as they suggest investors are selling in anticipation of further price declines.
However, the decline in on-chain activity coinciding with a notable resurgence in asset prices suggests that whales may be making quick profits following a price recovery after suffering several losses.
According to data from CoinMarketCap, SHIB has gained a significant 8.71% over the past day and is trading at $0.00001009 at the time of writing.
meanwhile Shiba Inu It hit an intraday low of $0.000009066, but the price surge brought it back to zero within a few hours. So while the sustainability of the price surge remains uncertain, traders appear to have seized the opportunity to take some of the profits accumulated during the rally.
