I noticed strong movements in the Shiba Inu on-chain data in recent hours. The net exchange flow has sharply increased, approximately 113% in one day, with about 182 billion SHIB tokens entering exchanges. This reflects increasing selling pressure from holders.

Alarmingly, exchange reserves of Shiba Inu have risen by 2% since mid-February, indicating gradual accumulation on platforms. When supply increases while demand weakens, price recovery becomes more difficult. SHIB has decreased by about 22% over the past month and is trading near critical support levels, now facing additional pressure from these flows.

However, there is an encouraging point in the data. The number of active addresses and transactions on the Shiba Inu network has increased slightly but positively, around 0.87% and 0.81% respectively. This means that actual activity on the network has not collapsed yet, despite price volatility. It appears that a segment of users continues to engage with the ecosystem.

The current scene is thus complex. On one hand, Shiba Inu faces real selling pressure through increasing exchange flows. On the other hand, on-chain activity maintains a pulse. Everything depends on whether this activity can translate into genuine demand soon; otherwise, further declines are possible.