Shiba Inus widespread dumping from 2 key groups - Sell pressure rising?

Netflows confirm sustained bearish pressure

This trend is further confirmed by a positive Exchange Netflow that has remained so over the past two days.

On the 2nd of May, Shiba Inu (SHIB) recorded a positive Netflow of 231 billion; it has since settled at 21 billion SHIB tokens.

This implies that over the past two days, there has been a netflow of 252 billion tokens, reflecting a massive exchange inflow.

Historically, such trends—rising exchange inflow and outsized sell pressure—have preceded sharp price declines. Simply put, the token supply is outweighing demand, setting the stage for inflationary effects on price.

If this continues, SHIB may witness deeper corrections in the near term.

Any impact on Shiba Inu？

As expected, a higher selling activity has negatively impacted Shiba Inus price action. Inasmuch, the memecoin has experienced a sharp decline on its price charts.

In fact, at press time, SHIB traded at $0.00001324, down 8.4% on the weekly chart and 1.84% over the last 24 hours.

The continued decline reflects strong bearish sentiment in the market that positions the memecoin at a risky point. If sellers continue to dominate, SHIB could drop to $0.00001274.

However, if buyers reenter the market and challenge the bears, the memecoin can reclaim $0.00001397.

For this bullish outlook to hold, the memecoin needs a daily close above $0.00001376.