Shiba Inu, a popular meme-based cryptocurrency, is experiencing downward price pressure in July after losing momentum early in the month. The token recorded a decline of 0.98% over the last 24 hours, trading at $0.000004130 as of the latest available data.
Exchange netflow signals accumulation
Despite the price drop, onchain analytics tell a more nuanced story. According to data from CryptoQuant, Shiba Inu’s exchange netflow decreased by more than 3% in the past day, resulting in a negative balance of -145,196,700,000 SHIB.
A negative exchange netflow generally indicates that more tokens are being withdrawn from exchanges than deposited. This is often interpreted as a bullish indicator, as it suggests that investors are moving assets to private wallets to hold rather than preparing to sell.
The shift comes after several days marked by caution among traders. Some analysts suggest that renewed accumulation hints at growing optimism, with buy activity on spot markets starting to overtake selling pressure.
Mini dictionary: CryptoQuant, a blockchain analytics platform, provides data-driven insights on cryptocurrency market trends, including real-time exchange flows, onchain metrics, and investor behavior.
Shiba Inu’s exchange netflow fell by more than 3% in the last 24 hours to -145,196,700,000 SHIB, signaling that accumulation is again outpacing sell-offs as more tokens move from exchanges to private wallets.
July performance remains negative
While exchange data may hint at potential bullish momentum ahead, Shiba Inu’s return for July currently stands at a loss of 1.74%. The subdued performance has raised doubts among some traders regarding the likelihood of positive monthly gains.
| Indicator | Current Value | Change |
|---|---|---|
| Price | $0.000004130 | -0.98% (24h) |
| Exchange netflow | -145,196,700,000 SHIB | -3% (24h) |
| July return | -1.74% | N/A |
Market observers note that, should accumulation trends persist and selling ease further, Shiba Inu could reverse its recent losses and aim for a positive close to the month.
Outlook improves as sentiment shifts
The overall sentiment in the market remains cautious, but increasing withdrawals from exchanges and early signs of buying pressure have fueled hopes that a trend reversal may be underway.
If confidence among buyers continues to build, Shiba Inu may attempt to recover lost ground and repeat previous gains seen in stronger market conditions.
The recent negative netflow hints that Shiba Inu is seeing renewed interest from holders, potentially setting the stage for a price rebound should market sentiment continue to improve.
As the month progresses, traders and investors will be watching for further onchain confirmation of this shift and for any signs that positive momentum can be sustained.
