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SHIB Shiba Inu rose more than 5% in 24 hours, but exchange funds flow signals raised alarm
In the past 24 hours, Shiba Inu recorded a significant price increase of more than 5%, following the overall recovery of the cryptocurrency market. The token regained its footing above $0.000055, triggering a new round of optimism among traders about breaking the $0.00006 mark.
Increase in net exchange traffic triggers caution
On-chain data from CryptoQuant, a well-known blockchain data analysis platform, shows that there are different pictures hidden behind recent price fluctuations. As of September 19, in the past 24 hours, the net exchange flow of Shiba Inu Coin has climbed to approximately 144.8697 billion SHIBs.
Typically, in cryptocurrency markets, a decrease in net exchange flow is accompanied by real bullish momentum, as a decrease in the number of tokens sent to exchanges may indicate that holders are willing to retain their assets. However, in the case of Shiba Inu, net exchange traffic turned positive, reflecting that more tokens were sent to the exchange rather than withdrawn from it.
This pattern usually indicates that sellers are currently more active in the market. Positive net traffic shows that the number of SHIB tokens deposited on exchanges for potential sale far exceeds the number withdrawn-more than 144 billion SHIB tokens in the most recent day alone.
Micro Dictionary: CryptoQuant, a leading cryptocurrency analysis platform that provides detailed on-chain and market data for various digital assets.
Market sentiment and resistance
In recent months, Shiba Inu has been hovering in the US$0.00005 range, a period characterized by high volatility in the cryptocurrency sector. Despite the instability, market participants are increasingly optimistic about the token's breakout prospects, especially after its recent breakthrough of $0.000055.
The latest price jump has rekindled hopes that Shiba Inu may soon overcome resistance at US$0.00006. The sentiment was driven by a sudden rebound in tokens, with some traders expecting further gains if the broader market maintains a positive trend.
Although Shiba Inu has rebounded sharply, the latest exchange net flow data suggests that this trend may be driven by short-term traders preparing to sell rather than supported by long-term accumulation. [TAG 25] Analysts monitoring these trends believe that bullish momentum may be short-lived. They argue that the disconnect between price increases and growing net exchange traffic suggests a lack of enough potential demand to sustain a major breakthrough.
Sellers dominate current market activity
The large number of SHIB tokens transferred to exchanges reflects increasing pressure from sellers. When net flow data shows that inflows significantly exceed outflows, the risk that usually points to profit-taking or another market correction increases.
Therefore, market observers warned that unless demand rebounds significantly and exchange outflows begin to exceed inflows, Shiba Inu may find it difficult to maintain its momentum towards new highs and may face new downward pressure in the short term.
