Shiba Inu is sending mixed messages right now. The price is pinned near local lows after several failed recovery attempts, but the on-chain picture looks noticeably different. Seven out of ten key indicators tracked for SHIB are currently leaning bullish, according to the latest metrics data published July 22.
What the data actually shows
Exchange reserves have been shrinking. Fewer tokens sitting on trading platforms means less immediate selling pressure, a straightforward read. Exchange Netflow backs this up: the figure sits at roughly negative 64.8 billion SHIB, meaning more coins are leaving exchanges than arriving. That kind of persistent outflow typically signals accumulation rather than distribution.
Active Addresses climbed more than 1% in a single day. That is a small move, but it matters here because it suggests some user engagement is holding on even as the price slides. Exchange Outflow volume is the fourth bullish data point: about 250.2 billion SHIB left platforms while only 185.4 billion came in. That gap of nearly 65 billion coins points toward investors moving tokens into self-custody rather than lining them up for sale.
Exchange Inflow Mean and Exchange Outflow Mean round out the fifth and sixth green signals. Both figures have risen, but the average outflow transaction is significantly larger than the average inflow. Bigger withdrawal tickets tend to come from larger holders, which reinforces the idea that whales are quietly pulling SHIB off trading desks. A mysterious wallet scooping 162 billion SHIB directly from Coinbase last week fits that pattern almost perfectly.
The seventh bullish signal appears on the price chart itself, though the article data cuts off before specifying it in full. Three remaining indicators out of the ten are not bullish, a reminder that the on-chain case is solid but not unanimous.
SHIB was last seen trading close to its recent lows, with the market absorbing the on-chain data in silence.
This article is for informational purposes only and does not constitute financial advice. Crypto markets carry significant risk; always do your own research before making investment decisions.
