Fresh on-chain data suggests Shiba Inu is facing renewed selling pressure after its mid-August rebound. According to CryptoQuant, SHIB recorded net exchange inflows of roughly 145.9 billion tokens on August 29, marking a second consecutive day of positive netflows after about 261.7 billion SHIB entered tracked exchanges a day earlier. Positive netflow means more SHIB moved onto exchanges than left them, increasing the supply available on trading venues and potentially making it easier for holders to sell.
However, analysts caution that the data does not necessarily mean all 145.9 billion tokens are “ready for sale.” Tokens can be moved to exchanges for market making, collateral, or portfolio management purposes. The bearish flow trend still coincides with weakening price momentum, with SHIB down roughly 3% in recent daily sessions and trading near $0.000005.
The token climbed from around $0.0000044 on August 18 to a local high near $0.00000590 by August 21, before giving back part of the move. By August 28, SHIB had closed around $0.00000519, about 12% below the recent peak. Traders now view $0.000005 as the key short-term level: a sustained break below it could erase more of the late-August recovery, while a rebound from that area would indicate buyers are returning. The SHIB burn mechanism continues to reduce supply, but burned amounts remain small relative to the roughly 589 trillion tokens in circulation, meaning short-term flows and sentiment are likely to drive the next move.
