Shiba Inu is under fresh pressure. Exchange netflow data from CoinGlass shows a 208% surge in deposits over the last 24 hours. This sharp increase suggests a potential wave of sell-offs that could undermine any recent price recovery.
Positive exchange netflow means traders are moving tokens onto platforms in preparation to sell. For SHIB, this is a bearish signal. The meme coin is trading at $0.00000608, down 1.24% over the past 24 hours. Trading volume has also declined by 6.73%, settling at $149.91 million.
The broader picture remains bleak. Shiba Inu has lost over 53% of its value year-to-date. The past 30 days have seen a further 6.62% decline. While SHIB recorded a 4.87% weekly gain, that momentum now faces a serious test.
Exchange Inflows Signal Profit-Taking and Exhaustion
The 208% spike in exchange deposits is significant. It suggests that a portion of investors are choosing to exit positions rather than hold through further volatility. Some may be locking in short-term gains from the weekly rally. Others could simply be worn down by SHIB’s prolonged underperformance.
Meme coins are notoriously reactive. Sentiment can shift rapidly, and selling pressure can build quickly once a wave of deposits hits exchanges. If a large volume of SHIB moves to the market, it could erase the seven-day gains and push the price into lower territory.
The situation is compounded by the broader meme coin landscape. Dogecoin continues to show resilience and upside potential, drawing attention away from SHIB. Investors looking for exposure to the meme coin sector may find Dogecoin a more stable option in the short term. This shift in preference could further reduce demand for Shiba Inu.
Golden Cross Failed to Sustain Bullish Momentum
Just 48 hours ago, SHIB completed a golden cross on the hourly chart. The price climbed 8% during that period, contributing to the broader weekly gain of 17%. A golden cross occurs when a short-term moving average crosses above a long-term moving average. It is typically viewed as a bullish signal.
However, technical signals alone are not enough to drive sustained price recovery. The golden cross raised expectations, but the follow-through has been limited. The current influx of exchange deposits signals that traders are not convinced the rally will hold.
The Shiba Inu community actively supported the price over the weekend. Over 4 million SHIB tokens were burned, boosting the burn rate by 63%. Token burns reduce the circulating supply and are intended to create upward price pressure through scarcity.
Source: https://coinpaper.com/15513/shiba-inu-price-at-risk-as-exchange-deposits-surge-208-in-24-hours
