Following a significant change in on-chain activity, Shiba Inu has seen some improvement in market sentiment. According to data from CryptoQuant, over 100 billion SHIB tokens have reportedly left exchanges in the past day. Although some market observers have interpreted this outflow wave as a bullish signal, the truth is a little more complex.
Shiba Inu's exchange flows
A netflow of +27.3 billion SHIB across exchanges today is highlighted by the on-chain data, indicating that investors are withdrawing tokens rather than depositing them. This usually indicates that participants are opting to hold instead of sell, a behavior linked to phases of accumulation. However, in the case of SHIB, these outflows are statistically insignificant in terms of direct market impact due to the sheer volume of tokens in circulation — more than 589 trillion.
SHIB/USDT Chart by TradingView
However, sentiment counts, and SHIB seems to be gaining from this psychological boost. The asset is trading at $0.0000092 on the daily chart, bouncing off its 2024 support zone around $0.0000090 and displaying a slight 2% intraday gain. However, technical indicators are still inconsistent. While short-term moving averages (20-day and 50-day) are beginning to flatten, indicating that selling pressure may be lessening, the price is still trading below the 200-day EMA, a strong bearish signal.
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The slight rebound may be explained by the RSI at 38, which suggests that SHIB is still in somewhat oversold territory. There is not much proof of a general trend reversal, though. The market lacks the speculative momentum that drove previous SHIB rallies, and volume is still low.
To put it briefly, even though the exchange outflows offer some hope, they are not likely to make a significant difference on their own. The market structure is still weak, and SHIB’s price is predicted to stay between $0.000009 and $0.000010 in the absence of a major change in demand or liquidity. It is possible that the bullish narrative has been revived, but it is based more on fumes than fundamentals.
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