While Shiba Inu (SHIB) has shown a sudden bullish price surge amid the broader crypto market rebound over the past day, its on-chain activity indicates a less optimistic outlook.

Exchange Netflow Signals Sell Pressure
Data from on-chain analytics platform CryptoQuant shows SHIB’s exchange netflow at around 146 billion tokens, marking a 2.2% increase over the last day. This represents a significant flow of tokens between wallets and exchanges, which is generally considered bearish, as it may indicate that investors are preparing to sell.

Billions of SHIB Returning to Exchanges
Further data shows that SHIB’s net outflow across exchanges has surged to roughly 435 billion tokens. Despite the bullish price trend, the movement of tokens back to exchanges highlights heightened selling pressure, contradicting the upward price momentum.

Historically, such declines in on-chain outflow have been associated with potential market corrections, as they indicate that large holders (whales) might be selling in anticipation of future dips.

Price Surge Amid Profit-Taking
Over the last day, SHIB surged 8.71%, trading at $0.00001009 at press time, after reaching an intraday low of $0.000009066. The quick rebound suggests that whales may be taking profits following recent losses, contributing to the return of tokens to exchanges.

While the short-term price action appears bullish, the combination of rising exchange flows and declining on-chain activity points to potential volatility ahead, and the sustainability of SHIB’s price surge remains uncertain.