Shiba Inu Gains on Solana Listing as Exchange Netflows Slow

2 min read
Shiba Inu Gains on Solana Listing as Exchange Netflows Slow
PrimeXBT Editorial Team
Reviewed by PrimeXBT

Topics in article

Shiba Inu jumped after its canonical token went live on Solana through the Sunrise bridge, while separately, exchange netflows for SHIB have dropped to roughly 120 billion tokens, a sign that immediate selling pressure may be cooling. The token now trades near its long-term moving average as it works toward a resistance zone that capped its September rally.

Shiba Inu's official launch on the Solana network through the Sunrise bridge triggered an immediate 4% price surge. According to TradingView's hourly chart, the RSI indicator formed a bullish divergence right after the announcement, and SHIB rebounded from a local low near $0.000055 to test resistance at $0.0000588–$0.0000598, a daily gain of 3.89% and a weekly gain of 2.69%. The average fee on Solana is just 0.000005 SOL, making frequent transactions profitable for retail traders, and the supply of the original ERC-20 token remains unchanged.

A pattern seen before with PEPE

Sunrise's bridge had already shown this effect two weeks earlier. The canonical PEPE bridge launched on Solana on September 18, and PEPE rose 5–8% in the following 48 hours, breaking out of its $0.0000036–$0.0000038 range before a short squeeze liquidated more than $2 million in short positions. Canonical tokens deployed under the Wormhole NTT standard gain immediate integration with Solana platforms including Jupiter, Raydium, Phantom and Kamino. The official Shiba Inu account described the move with the slogan: "Different chain. Same dog."

Netflows ease as price holds ground

Separately, exchange netflows for SHIB have dropped toward roughly 120 billion tokens, a notable slowdown compared with the much larger spikes seen recently. Total inflows stand around 551.8 billion SHIB against roughly 453.4 billion in outflows, while exchange reserves have edged 0.11% higher even as their dollar value rose 4.85%.

SHIB currently trades around $0.00000598, having recovered from September lows near $0.0000049, and has moved above its major long-term moving average around $0.00000565. The next hurdle sits at $0.00000610–$0.00000630, the same zone where September's rally failed. A clean daily close above that level could mark another higher high, though a breakdown below roughly $0.00000560 would expose $0.00000540 and then $0.00000500.

Sources: U.Today, U.Today

Trading involves risk.

Most traded markets

XAU / USD
-0.01% 4,139.73
BRENT
-1.69% 104.652
BTC / USD
+1.31% 86,222.5
EUR / USD
-0.53% 1.11927
USTEC
+0.6% 30,981.72
NVDA
+1.4% 236.95
View all markets

Author

PrimeXBT
Our Editorial Team consists of leading experts with a proven record in the fields of trading, cryptocurrencies, blockchain and finance. We thoroughly research the sources of information in order to provide readers with quality content that serves edu...
Read author’s articles
Alert Triangle Risk Disclaimer
Disclaimer: Some past publications may be outdated. We recommend following our news to stay up to date with the latest information. For any questions, feel free to contact our support team via the chat below.
The content provided here is for informational purposes only. It is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.

Today in markets

Browse Crypto News

Register Now

Trading involves risk

Get started in minutes

Our clients love how fast and simple our sign-up is. It takes just a few minutes to get started!

Get Started Get Started
Get started in minutes

Need Help?

Risk Warning:
Trading in leveraged products carries a high level of risk and may not be suitable for all investors.