The net flow of Shiba Inu on exchange platforms closed at a negative figure of 266 billion tokens withdrawn in a single day. The total volume of tokens withdrawn for accumulation exceeded the amount deposited by traders looking to liquidate positions. The asset's market price stood at $0.
Shiba Inu has remained in the bullish zone as market sentiment begins to flip positive and traders are beginning to show conviction in the leading meme token again.
Bulls may have just received one of the strongest on-chain signals for Shiba Inu in weeks.
A dormant Shiba Inu wallet withdrew 400 billion SHIB from a Gnosis Safe Proxy contract after about a month of inactivity. The fresh address now holds an estimated $1.89 million portfolio, with SHIB making up 99.4% of total asset value.
The Shiba Inu ecosystem is leaning further into its long-standing deflation narrative as community burn activity continues to surpass multibillion-dollar milestones.
The meme coin Shiba Inu (SHIB) has reached levels not seen since early March due to a clear breakdown from its multi-month consolidation structure.
Shibizens, an X handle run by Shibarium admins and mods that provides news and insights for the Shibarium ecosystem as well as tech upgrades, shares a status update with the SHIB community.
Over the past week, Shiba Inu has seen a significant increase in exchange balances, with exchange reserves rising by about 13.88 trillion tokens. Such a significant influx of tokens to trading platforms would raise concerns about an upcoming wave of selling pressure under normal market conditions.
Shiba Inu is finally showing a brief sign of potential recovery as its derivatives market is seeing renewed interest from investors, triggering a significant spike in its open interest.
Shiba Inu's weekly burn rate has jumped 491%, with 37.52 million SHIB burned in this timeframe. This information was presented in Shibburn's latest burn update on its website.
Another wave of selling pressure is being applied to Shiba Inu, but traders have focused especially on one metric.
Indicators and market sentiment point to further pain ahead for SHIB.