Despite Shiba Inu’s recent price stability, on-chain exchange data from CryptoQuant now signals renewed bearish pressure for $SHIB.

Shiba Inu has recently shown signs of short-term recovery, posting moderate gains across several timeframes. Over the past month, the asset climbed 9.58%, while also rising 3.12% in the last seven days and 2.4% within the past 24 hours. However, growing exchange inflows now threaten to weaken the token’s recovery momentum.

Notably, more than 67 billion $SHIBtokens flowed into exchange reserves within a single day, suggesting that many holders could be preparing to sell or secure profits after the recent rebound.

Key Points

• Shiba Inu continues to show short-term recovery signs despite mounting bearish pressure from exchange inflows.
• The token climbed 3.12% in the last seven days and 2.4% within the past 24 hours.
• On-chain data from CryptoQuant indicates that more than 67 billion $SHIBentered exchange reserves in a single day.
• Shiba Inu’s total exchange reserve currently stands at 82.31 trillion $SHIB, up 0.08% over the past day.

Over 67B $SHIBMove to Exchanges

Recent exchange flow data from CryptoQuant presents a mixed outlook for Shiba Inu, as inflows to trading platforms exceeded withdrawals over the past 24 hours. During the period, investors transferred approximately 398.684 billion $SHIBto exchanges, while they withdrew about 331 billion tokens.

Consequently, the imbalance created a positive net flow of roughly 67.14 billion $SHIBinto exchange reserves, increasing the amount of tokens readily available for trading or potential sell-offs.

Additionally, the average inflow transaction size reached nearly 1.17 billion $SHIB, far surpassing the average outflow size of around 507 million $SHIB. As a result, the data suggests that larger holders, often referred to as whales, may have driven a significant share of the exchange deposits recorded during the timeframe.

At press time, Shiba Inu’s total exchange reserve stands at 82.31 trillion $SHIB, reflecting a 0.08% increase over the last 24 hours.

Shiba Inu Remains Stable

Meanwhile, $SHIBcontinues to display signs of stabilization on the technical front. The asset has started forming higher lows and an ascending structure as bulls attempt to push the token above its 50-day EMA following the extended bearish trend seen last month.

Over the past week, Shiba Inu traded between $0.0000061 and $0.0000065, with the token currently changing hands at $0.000006432. Additionally, trading activity has strengthened, with daily volume rising 6.85% to $120.75 million.

With a market capitalization of $3.79 billion, Shiba Inu currently ranks as the 28th-largest cryptocurrency on CoinMarketCap.

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