Shiba Inu Risks Falling Below the $0.000005 Price Level as Selling Pressure Builds
Shiba Inu may be on track to lose the key $0.000005 price level as demand appears to weaken and exchange activity points to rising selling pressure.
Recent data from crypto analytics platform CryptoQuant shows that Shiba Inu’s exchange activity is no longer signaling bullish momentum. The token’s exchange netflow has shifted, suggesting that more SHIB is moving onto exchanges than is being withdrawn.
Shiba Inu Traders Begin Selling
The data indicates that Shiba Inu traders may be selling part of their holdings to protect against potential losses after the recent price breakout helped them recover.
According to the data, Shiba Inu’s exchange netflow had reached approximately 145,906,600,000 SHIB as of Saturday, August 29.
Although this represents a bearish signal for the broader Shiba Inu ecosystem, it also shows that the volume of tokens transferred to exchanges for potential selling exceeds the volume moved out of exchanges by more than 145 billion SHIB.
This suggests that momentum is fading, with traders showing less willingness to hold or accumulate additional tokens amid speculation that the coming month could be bearish.
Shiba Inu Price Falls 4%
As bearish momentum begins to affect the Shiba Inu ecosystem, SHIB has continued to post mixed price action in recent days.
Shiba Inu has recently turned lower, increasing the risk of a move back below the key $0.000005 level. The token has recorded daily declines of approximately 3% in recent sessions.
