The ongoing slowdown in the broad crypto market recent rally has extended to the Shiba Inu ecosystem as selling pressure appears to be mounting again.
Per latest data showcased by onchain analytics platform, Cryptoquant, Shiba Inu has seen its exchange reserve surge substantially.
Shiba Inu exchange activity turn bearish
Over the last day, Shiba Inu has seen traders pump more tokens into its reserve across all supported exchanges as selling pressure appears to be intensifying.
As such, the Shiba Inu exchange reserve is sitting at around 87,793,800,000,000 as of September 27, a substantial increase from the level it was in the previous day.
This data sends a bearish signal to the Shiba Inu ecosystem as it suggests that lesser buying activity has occurred in the last day, meanwhile traders appeared to have sold more.
With the Shiba Inu exchange reserve drawing close to the major 88 trillion level, this could suspend its potential price rally for longer.
Shiba Inu netflow shows positive balance
Following the surge in the Shiba Inu exchange reserve, the asset has seen its exchange netflow over the last 24 hours show a positive balance of over 75 billion SHIB.
This further proves that traders have sent more tokens to exchanges than they have bought over the period, providing a bearish outlook for the asset.
Amid this slowed trading performance, the Shiba Inu recent price rally has remained on hold with the meme token flipping back into the red territory, while trading around $0.000005883.
Dan Burgin
U.Today Editorial Team
