On Saturday, Shiba Inu registered two long green candles resulting in a 14% price pump within a span of 8 hours. From there, nevertheless, the token’s price started gliding down and almost negated the said short-term profits. In the early hours of Monday as most coins from the market were seen retracing, even SHIB stooped down to a level around $0.00002232.
Over the last few hours, the downtrend did come to a halt. Despite noting spikes on the short time frame chart, the token was seen trading below its SMA at $0.00002318 at the time of press.
Shiba Inu Exchange HODLings start piling up
Owing to the unstable price trend, exchange flows have been oscillating up and down. However, when sorted out and analyzed, it becomes evident that top exchanges have witnessed a spurt in their token HODLings.
The largest daily inflow was noted by Binance [61.4 billion] and was followed by FTX, OKEx, Huobi, Coinbase, and Poloniex. On the other hand, Kraken, Crypto.com, Gate.io, and Btctruk registered red figures, implying outflows.
Usually, exchange inflows correspond to the presence of sell-side bias while outflows tend to resonate more with the buy-side bias. So, keeping in mind the positive exchange flows, it wouldn’t be wrong to speculate that market participants have been parting ways with their Shiba Inu HODLings at this stage.
The sell-trend looked even more concrete on the weekly window. Only two exchanges had noted net-outflows, while the rest flashed green values corresponding to inflows.
Weekend shopping
Even amidst the “send tokens to exchanges” trend going on of late, the #216th largest Ethereum whale stacked up over 3.7 trillion Shiba Inu tokens worth approximately $90 million during the weekend in a single transaction. The whale endured a fee of merely $6 [plus gas fee worth 0.0000000414 ETH] to execute the aforesaid transaction.
Thus, it’s not that the Shiba Inu market is completely devoid of buyers at this stage. It is just that they have collectively been lacking vitality. Only when they become active and indulge in more transactions on a consistent basis, SHIB’s price would be able to organically pump.