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Title: SHIB Netflows Plummet by 44,431% in Days; Reasons Behind It?
SHIB netflows have plummeted by a staggering 44,431% in recent days, leaving many wondering what could be the reasons behind this drastic change. According to recent data from Glassnode, a leading blockchain analytics firm, Shiba Inu (SHIB) inflows skyrocketed by an astonishing 553% as SHIB price rebounded by 7%. However, this trend has drastically reversed, and it is essential to understand what factors have led to this sharp decline.
One of the primary reasons behind this downturn could be the highly correlated downside sell-off in the altcoin sector. The data reveals that most tokens in this space have suffered a severe loss, with only a few exceptions unaffected by the market turmoil. This widespread downturn has put immense pressure on many assets, causing them to struggle and underperform Bitcoin.
It is essential to note that the meme coin phenomenon experienced explosive growth in futures volume but eventually faded just as rapidly. Shiba Inu’s volumes fell dramatically from $2.72 billion to a mere $0.28 billion, according to recent Glassnode analysis.
Source: u.today
