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Shiba Inu price rallies 5% amid 144 billion SHIB exchange netflow warning
Shiba Inu (SHIB) has recently experienced a price rally of approximately 5%, reclaiming levels above $0.0000055. Technical indicators show signs of short-term strength, with the token trading above its 20-day exponential moving average and forming a rising wedge pattern on certain charts.
However, analysts have raised concerns regarding the sustainability of this momentum due to a significant divergence in on-chain activity. Data from CryptoQuant indicates a massive netflow of approximately 144 billion SHIB into exchanges. This high positive netflow suggests that a large volume of tokens is being moved to trading platforms, which often signals potential selling pressure from holders rather than increased accumulation by buyers.
While the price action appears bullish to some, the influx of tokens to exchanges may act as a ceiling, potentially leading to a retreat if the supply is used for a sell-off.
Entities
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Network activity for Shiba Inu increased by 216%.
- [○ 1 SOURCE] Shiba Inu witnessed a netflow of approximately 144.87 billion tokens to exchanges over a 24-hour period as of September 19. u.today
- [● 2 SOURCES] Shiba Inu price increased by approximately 5% in a 24-hour period. www.criptotendencias.com · u.today
- [○ 1 SOURCE] Resistance for SHIB was identified between $0.00000520 and $0.00000530.
- [○ 1 SOURCE] Approximately 1.6 billion SHIB tokens were added during the reported period.