Shiba Inu has failed to recover from its recent price correction, and the on-chain metrics have failed to show any sign of a potential recovery in the price of the leading meme token.
Amid the persistent price downturn, activities across all exchanges supporting Shiba Inu shows that traders are barely producing any demand for the asset. Rather, selling pressures have continued to rise.
With more SHIB tokens being returned to exchanges than being bought, data from on-chain analytics platform Cryptoquant shows that the Shiba Inu exchange netflow has surged by nearly 4% over the last day, sitting at a massive 332,497,400,000 SHIB as of Thursday, Feb. 5.
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Shiba Inu returns to 2023 levels
Although the ongoing market volatility had barely lasted for a week, it marks the heaviest price correction for Shiba Inu so far this year as it has sent the asset’s price to retest its multimonth lows.
Following multiple days of severe price corrections, Shiba Inu is back to trading around the $0.0000063 zone, levels not seen since June 2023.
This massive price drop has continued to stir doubts and fear among retail and institutional investors and they have suspended making purchases as they continue to dump off their holdings.
While onchain metrics are increasingly flashing bearish signals, giving investors no hope of a potential recovery soon, Shiba Inu holders are increasingly trading with caution following efforts to hedge against further losses.
Amid the prolonged crypto market volatility, SHIB has continued to trade in the deep red territory and its price has declined notably by nearly 6% over the last day. Thus, the asset is trading at $0.000006325 as of the time of writing.
If Shiba Inu fails to regain momentum, analysts are worried that the asset might add another zero soon.
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