Leading dog-themed meme token Shiba Inu has continued to fail every attempt to recover as selling pressure continues to increase amid the prolonged crypto market volatility.
Over the past weeks, Shiba Inu has consistently flashed bearish signals amid the stalled demand highlighted by the steady netflow increases recorded recently.
Shiba Inu netflow surges
As of Feb. 21, data from on-chain analytics platform CryptoQuant shows that the Shiba Inu exchange netflow has surged by over 6%, hitting a massive 138,022,600,000 SHIB.
This notable increase in the SHIB netflow is a strong indication of heightening selling pressure as netflows are used to represent the difference between tokens purchased and sold across all supported exchanges.
The massive surge in the SHIB exchange netflow over the last 24 hours means that the amount of SHIB returned to exchanges for selling purposes during the period is massively larger than the amount of tokens scooped out of the exchanges for purchase by over 138 billion tokens.
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With this bearish signal, it appears that investors have continued to lose interest and optimism for SHIB amid the prolonged price downturn. Hence, they are becoming unwilling to hold the asset for longer.
What’s next for SHIB?
The bearish Shiba Inu on-chain movement has continued to weaken investors’ confidence on the future price prospects of the asset, triggering fear and doubts among retail and institutional traders.
Amid the steady price downturn, Shiba Inu has continued to hover around $0.0000065, dashing the hopes of removing a zero anytime soon.
It remains uncertain how long SHIB will remain on the downside, but traders are optimistic about a major recovery after the bear phase finally wraps up.