Shiba Inu, a popular meme-based cryptocurrency, is experiencing downward price pressure in July after losing momentum early in the month. The token recorded a decline of 0.98% over the last 24 hours, trading at $0.000004130 as of the latest available data. Despite the price drop, onchain analytics tell a more nuanced story. According to data from CryptoQuant, Shiba Inu’s exchange netflow decreased by more than 3% in the past day, resulting in a negative balance of -145,196,700,000 SHIB.