As Shiba Inu continues to show mixed price actions, sitting in the red territory on most trading sessions, its key exchange activity has shown that demand is still on hold.
Latest data from crypto analytics platform CryptoQuant shows a positive balance in the Shiba Inu exchange netflow over the last 24 hours, which could mean sustained selling pressure for the asset.
Shiba Inu netflow spikes 4%
According to the data, the Shiba Inu exchange netflow has increased to over 77 billion SHIB in the last 24 hours, following an increase of about 4% during the period.
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This means that the amount of SHIB currently available for sale across all supported exchanges has surged modestly over the last day, suggesting that demand is currently on hold.
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With the SHIB exchange flow sitting at a net balance of 77,298,600,000 SHIB as of October 23, it appears that the amount of SHIB tokens being sent to exchanges for sale over the last day is substantially higher than the amount of tokens removed from the exchanges for buying purposes.
What does this mean for SHIB?
The positive balance in the Shiba Inu exchange netflow over the last 24 hours provides a bearish outlook for the asset, as it typically indicates that sellers are dominating the market.
However, the bearish exchange activity has come when Shiba Inu's price has suddenly flipped to the green territory, reclaiming a local high around $0.0000051.
This provides relief to market participants as the brief price recovery suggests that momentum may flip soon and bullish traders may reclaim dominance soon.