Just about two days after Shiba Inu saw a rapid price rally, the asset is back to trading in a downside trajectory as its exchange activity signals rising sell pressure.
On Wednesday, June 17, data provided by crypto analytics platform CryptoQuant shows that the Shiba Inu exchange flow has flipped bearish again, with multi-billion $SHIB tokens returned to exchanges within a day.
Over 25 billion $SHIB in sale mode
The data has revealed a significant difference between the Shiba Inu exchange inflow and outflow, with the former being on the larger side, suggesting that traders have sold more tokens than they have bought in the past day.
As such, the Shiba Inu exchange netflow is currently sitting at 25,245,300,000 $SHIB as more tokens have been sent back to exchanges in several attempts to sell as momentum fades again.
With the Shiba Inu exchange flow turning bearish again, market analysts suggest that speculative traders have taken over the market in the short term, scooping profits realized from the recent market rally.
Shiba Inu fails $0.000006 target
During the recent market rally that saw leading crypto assets including $SHIB surge by nearly 10% in their trading prices, traders had predicted that the meme token was on track to reclaim the crucial $0.000006 level.
However, Shiba Inu is suddenly back to trading on the bearish side, showing a price decline of over 3% over the last day. This sudden price drop has brought the asset back to trading below the $0.000005 level.
Nonetheless, analysts have predicted that Shiba Inu could still get another shot at recovery in the near term if buyers return to the scene and the exchange flow turns bullish again.