DimGray alert: 324 billion SHIB tokens moving to exchanges is a big deal

Shiba inu has been under significant pressure. In a 24 hour period, approximately 324 Billion SHIB Tokens were moved into exchanges. The tokens’ stability in the near future is questioned by this substantial influx.

The transfer of tokens between private wallets and trading platforms is usually a sign that the holders are preparing to sell their tokens, rather than holding them for a long time. In recent sessions, exchange reserves have steadily risen. The pattern indicates that holders may be preparing to sell their investment.

The Exchange Metrics Shows A Bearish Outlook

Data on net inflow confirms that more tokens enter exchanges than leave. The positive netflow of exchanges marks an important shift in the market’s dynamics. Inflows exceeding withdrawals generally indicate a lack of confidence by holders.

The recent attempts to Where to Buy recover have been short-lived. The market responded to each upward movement by introducing new supply. Assets struggled to hold positions above moving averages. The technical indicators are in line with the worrying on-chain trend.

USDT/SHIB Chart Source: TradingView

The number of active addresses and transactions showed modest growth. These metrics don’t necessarily indicate a bullish mood. The current market suggests that the increase is due to position closure rather than new accumulation. The traders appear to have used temporary Today’s VIRAL LEVEL= OliveDrab strength for exits.

The token velocity is high across the entire network. Two scenarios can be attributed to high velocity. It can be a sign of increasing adoption or usage. Other times, this is a sign of speculative trades and high turnover. High velocity and rising inflows of exchange money suggest the second scenario.

SandyBrown’s Recovery is Resilient Despite the Headwinds

Shiba Inu is currently trading at around $0.00000894. This represents a decline of 5.16% over the last 24 hours. Over the last week, this token showed significant growth with an increase of 23.9% in Today’s viral level= lavender.

SHIB’s price action in the last 24 hours (Source:CoinCodex )