Shiba Inu, the leading dog-themed meme token, continues to fail in all attempts to recover as selling pressure continues to mount amid prolonged cryptocurrency market volatility.
Over the past few weeks, Shiba Inu has consistently given bearish signals amid stagnation in demand highlighted by the steady increase in net flows recorded recently.
Shiba Inu’s online traffic is rapidly increasing
As of February 21st, data According to on-chain analytics platform CryptoQuant, the Shiba Inu exchange’s netflow surged by more than 6% to reach a whopping 138,022,600,000. $SHIB.
This significant increase is due to $SHIB Since netflow is used to represent the difference between tokens bought and sold on all supported exchanges, netflow is a strong indicator of increasing selling pressure.
massive surge $SHIB The amount of exchange netflow in the past 24 hours is $SHIB The amount of tokens returned to exchanges for sale during the period was much higher than the amount of tokens scooped from exchanges for purchase, at over 138 billion tokens.
Investors appear to continue to lose interest and optimism in the wake of this bearish signal. $SHIB amid a prolonged price slump. Therefore, they are reluctant to hold assets for long periods of time.
what’s next $SHIB?
Bearish Shiba Inu On-chain movements continue to undermine investor confidence in the asset’s future price prospects, sparking fear and doubt among retail and institutional traders.
With the price steadily declining, Shiba Inu continues to hover around $0.0000065, dashing hopes of getting rid of zero soon.
It remains unclear how long it will last $SHIB Although the downtrend will likely continue, traders are optimistic that there will be a significant recovery after the bearish phase finally ends.
