Shiba Inu Faces Renewed Selling Pressure Despite Increased Exposure in Japan
Shiba Inu Faces Renewed Selling Pressure Despite Increased Exposure in Japan
Shiba Inu (SHIB) is once again facing selling pressure after billions of SHIB tokens were transferred to cryptocurrency exchanges over the past 24 hours.
According to CryptoQuant data, investors moved 352.53 billion SHIB to exchanges during the period, while 317.44 billion SHIB were withdrawn from trading platforms. As a result, SHIB recorded a positive exchange netflow of 35.08 billion tokens.
Exchange netflow measures the difference between the amount of tokens entering and leaving cryptocurrency exchanges. A positive netflow indicates that more assets are flowing into exchanges than out, a trend often viewed as a sign of increasing selling pressure because traders typically deposit tokens before selling them.
Although exchange inflows do not always lead to immediate selling, sustained positive netflows generally suggest that investors are preparing to trade or liquidate their holdings.
SHIB Exchange Reserves Continue to Rise
Meanwhile, SHIB’s exchange reserves also increased. Following the latest transfers, the total amount of SHIB held across exchanges climbed to 86.497 trillion tokens, up approximately 0.04% from the previous 24 hours.
Higher exchange reserves typically indicate that more tokens are readily available for trading. If investors decide to sell, the additional supply could place further downward pressure on SHIB’s price. The latest on-chain data has therefore reinforced concerns about the meme coin’s short-term outlook amid broader weakness in the crypto market.
Latest Inflows Reverse Previous Bullish Trend
The latest exchange activity marks a reversal from the bullish trend seen just days earlier. Previous reports showed that investors withdrew more than 1.4 trillion SHIB from centralized exchanges (CEXs) over a 10-day period.
Large exchange outflows are generally considered bullish because they indicate that investors are moving their assets into private wallets for long-term holding rather than preparing to sell.
However, the latest positive netflow suggests that market sentiment may be shifting, with more SHIB flowing back to exchanges.
SHIB Drops to 33rd Largest Cryptocurrency
These bearish on-chain metrics have coincided with Shiba Inu’s continued decline in the cryptocurrency rankings by market capitalization. After recently falling out of the top 30, SHIB has now dropped to 33rd place.
At the time of writing, SHIB is trading at around $0.000004091 with a market capitalization of approximately $2.41 billion.
Over the past 24 hours, SHIB has fallen 3.2%, declined 5.65% over the past week, and dropped 16.81% over the past month.
The decline also comes after SHIB was excluded from T. Rowe Price’s Active Crypto ETF, missing an opportunity to gain exposure among institutional investors.
Japan Boosts Shiba Inu’s Visibility
Despite the bearish on-chain signals, Shiba Inu recently received a major visibility boost in Japan through one of the country’s largest fintech companies.
Crypto platform Rakuten Wallet introduced the first physical Shiba Inu commemorative coin as part of its “Real Coin” collectible series. Unlike the previous Bitcoin, Ethereum, and XRP editions, the SHIB version features a premium sandblasted matte finish that reportedly received unanimous approval during internal testing.
Although the commemorative coin does not have blockchain functionality, Rakuten Wallet plans to showcase it at live events and promotional campaigns across its retail ecosystem, which reaches approximately 44 million users.
The initiative could help expand Shiba Inu’s brand recognition in Japan. However, it has yet to translate into a meaningful impact on SHIB’s price, which remains under selling pressure.
