According to data from CryptoQuant, Shiba Inu has experienced a staggering 335% increase in its exchange Inflow, which is the seven-day moving average of coins flowing into exchanges in just one day. The short-term price trajectory of SHIB may be significantly impacted by this spike, which represents a significant change in market behavior.
Shiba Inu's widespread sell-off
An increase in exchange inflow usually means that investors are shifting their holdings from private wallets to exchanges, which is frequently a sign of more selling pressure. But in the case of Shiba Inu, the price has thus far stayed very steady, circling around $0.0000102, indicating that the inflow might not always result in a widespread sell-off.
SHIB/USDT Chart by TradingView
It might instead show that major holders are getting ready for a lot of trading, possibly to take advantage of volatility rather than sell out of the market. According to the chart, SHIB recently recovered from its local low around $0.0000090, taking back the psychologically significant $0.0000100 mark.
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Shiba Inu breaks out
With a breakout above $0.0000112, the token's current movement within a midterm descending wedge pattern could validate a bullish reversal. The token is still oversold according to the RSI, which is still below 40, allowing for a momentum-driven recovery. Although volume has marginally increased over the last two sessions, the true test will be whether SHIB can maintain buying interest despite the surge in inflows.
Bulls may take advantage of the extra liquidity to fuel a short squeeze rally, which would push SHIB back toward $0.0000115-$0.0000120. On the other hand, the token runs the risk of retesting support close to $0.0000090 if inflows cause panic selling.
To put it briefly, the 335% increase in exchange inflows is a crucial indicator that might herald a precipitous sell-off or a huge upward move. Shiba Inu's next big move is probably not far off, so traders should keep an eye on how the market responds to this surge of on-chain activity.
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