Shiba Inu (SHIB): Only 73,000,000,000 Netflows in 24 Hours Show Emerging Issues
Shiba Inu (SHIB) is experiencing stagnation in both price action and on-chain activity, with its exchange netflow reflecting minimal movement and a -0.31% change. This signals market hesitancy and diminished momentum among investors and traders. The token remains in a long-term downtrend, trading near $0.0000089, with key resistance indicated by the 50-day, 100-day, and 200-day moving averages. Despite nearing oversold territory on the RSI, no significant catalyst exists for a reversal. The lack of exchange activity suggests SHIB's future depends on whether traders reengage or disengage further, which could lead to either sideways movement or a drop below $0.0000085, marking a new post-summer consolidation low.
Dog-Themed Coins
Shiba Inu Enters Stagnant Phase
Both price action and on-chain activity seem to be entering a stagnant phase for Shiba Inu (SHIB). The most recent data shows that SHIB's exchange netflow is approximately 73.5 billion tokens, with only a -0.31% change. This effectively indicates a flatline in the flow of tokens between wallets and exchanges.
Flow Slowing Down
Put more simply, the flow of SHIB coins has almost completely stopped. This is a clear sign of market hesitancy and a decline in investor and trader momentum. Historically, such exchange flow stagnation has been associated with one of two outcomes:
- A gradual decline into lower price territory as investor interest fades.
- A significant accumulation phase, which could set the stage for a rebound.
For now, the lack of significant inflows or outflows highlights a lack of conviction among market participants. The token is in a state of limbo, as neither bulls nor bears are actively accumulating or applying strong selling pressure.
Downtrend Goes Nowhere
The 50-day, 100-day, and 200-day moving averages serve as critical resistance levels, keeping SHIB locked in a long-term downtrend. It is currently trading at approximately $0.0000089. The bearish macro setup is reinforced by all three trendlines continuing in a downward trajectory.
Additionally, the Relative Strength Index (RSI) near 32 suggests that the token is approaching oversold territory, but this alone is insufficient to trigger a reversal without a positive catalyst. Such catalysts could include significant changes in market sentiment or a notable increase in liquidity inflows.
Implications of Flat Exchange Netflow
The flat exchange netflow reflects a more extensive loss of momentum seen across meme tokens. With on-chain activity remaining sluggish, the future trajectory of Shiba Inu will likely depend on whether traders decide to reengage with the token or continue to pull back further.
If the current lack of activity persists:
- SHIB may continue to move sideways or
- Drop below the $0.0000085 support level.
A fall below this level would mark a new low since its post-summer consolidation phase.