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- Shiba Inu records 25 billion SHIB inflows as sellers return.
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Shiba Inu is showing signs of renewed selling activity after more than 25 billion SHIB tokens moved onto cryptocurrency exchanges within a single day. The latest on-chain data suggests traders are taking profits following the meme coin’s recent price rally.
According to CryptoQuant data released on June 17, Shiba Inu’s exchange netflow climbed to 25.24 billion SHIB. The metric reflects the difference between tokens entering and leaving exchanges. In this case, inflows exceeded outflows by a significant margin, indicating that more holders transferred tokens to trading platforms.
The increase in exchange deposits comes shortly after SHIB posted notable gains alongside the broader cryptocurrency market. During the recent rally, the token advanced nearly 10%, encouraging expectations of a move toward the $0.000006 level.
However, the latest exchange flow data suggests many traders chose to secure profits instead of holding positions. Consequently, the surge in exchange inflows has added downward pressure to the asset’s short-term price outlook.
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Exchange Netflow Turns Positive as Traders Move Tokens to Sell
According to CryptoQuant, exchange inflows outpaced outflows during the last 24 hours. Market participants often view positive netflows as a sign that holders are preparing to sell assets. Therefore, the latest reading points to growing sell-side activity across the SHIB market. Moreover, the movement of billions of tokens back to exchanges coincided with weakening price momentum. As buying activity slowed, profit-taking appeared to accelerate among short-term traders.
The shift marks a notable change from the bullish sentiment that dominated trading earlier this week. At that time, investors anticipated that SHIB could extend its gains and challenge higher resistance levels. Instead, increased exchange deposits signaled that traders were becoming more cautious. Additionally, analysts believe speculative market participants played a major role in the recent rally. As a result, many of those traders appear to be exiting positions after capturing gains from the move higher.
At the time of writing, Shiba Inu had declined more than 3% over the previous 24 hours. The pullback pushed the token back below the $0.000005 level and reduced the likelihood of an immediate test of $0.000006. In conclusion, Shiba Inu’s latest exchange flow data highlights a return of selling pressure after the recent rally. While the token remains under pressure in the short term, traders will continue monitoring exchange activity for signs that buying demand is returning.
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