Shiba Inu (SHIB) has seen an influx of deposits on crypto exchanges in the last 24 hours. The development coincides with renewed volatility for the dog-themed meme coin on the crypto market. As per CoinGlass data, the exchange netflow has surged by 208% within the period.
Shiba Inu exchange netflow surge signals rising sell pressure
Notably, positive flows signal that traders are making more deposits for a potential sell-off, and this can trigger price reversal for Shiba Inu.
Generally, Shiba Inu’s price outlook has not been encouraging for investors. Year-to-date, SHIB has shed over 53% of its value as the price continues to dip. Despite the meme coin’s attempt at recovery, Shiba Inu remains down by 10.7% in the last 30 days.
Hence, the current upsurge in crypto exchange netflow could further complicate the price outlook for holders. If selling pressure builds, it could undo the gains recorded in the last seven days. Some investors might be forced to dump the meme coin out of exhaustion from the unending volatility.
Interestingly, Shiba Inu had, in the last 48 hours, completed a golden cross as the price climbed by 8%, contributing to the 17% weekly gain. The golden cross on the hourly chart had raised hopes of a continued uptick in price for some investors.
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The current influx to exchanges suggests possible profit-taking or exhaustion with SHIB’s slow performance. Shiba Inu’s volatility is of concern, given that the meme coin sector recently recorded a rally, with Dogecoin still showing potential for more upside.
SHIB burn rate adds to sentiment shift
As of this writing, Shiba Inu exchanged hands at $0.000006046, which represents a 1.48% decline in the last 24 hours. The meme coin’s trading volume has also dipped by 6.73% to $149.91 million within the same time frame.
The community had incinerated over four million SHIB as the burn rate surged by 63% over the weekend. The goal was to stabilize the price and possibly spark an upward rally. However, it appears that Shiba Inu needs a different catalyst to stay green.
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