The price of Shiba Inu (SHIB) is under pressure as the broader market declines, with the meme coin experiencing a notable 26.47 billion token inflow to exchanges in the past 24 hours. According to CoinMarketCap, SHIB's rate declined by 2% over the last day, trading at approximately $0.00000774 at press time.
On-chain data reveals the massive exchange inflow, a movement often interpreted as a bearish signal indicating potential selling preparation. However, analysis suggests a more nuanced scenario. Despite the inflow spike, netflow metrics remained relatively stable, pointing towards strategic repositioning by holders rather than panic-driven liquidation.
Technical charts paint a bearish picture. On the hourly timeframe, the price of SHIB is falling after breaking below the local support level at $0.00000774. If the decline continues, a test of the $0.00000760-$0.00000770 range is expected soon. On larger timeframes, the rate is approaching the support at $0.00000765, with a potential breakdown possibly leading to a drop toward the $0.00000750 zone. A broader monthly view shows the price nearing the $0.00000678 support level, with a risk of testing the $0.0000060-$0.0000070 range next month if bullish momentum fails to materialize.
Contrasting the bearish technicals, network metrics indicate growing engagement. Transaction counts and active addresses on the Shiba Inu network have risen steadily, suggesting genuine, broad-based user activity rather than declining interest or dominance by a few large holders. While exchange reserves in token quantity remain elevated, their USD value has trended downward due to price compression, not aggressive selling.
The market is in a transitional phase. Price action has formed higher lows recently, indicating weakening downward momentum, and consolidation has tightened into a narrowing range—conditions that often precede a significant directional move. However, capital flow remains a challenge, with recent inflow spikes fading quickly and failing to translate into sustained bullish momentum.
