As the broad crypto market begins to show signs of a potential resurgence, popular dog-themed meme asset Shiba Inu appears to be taking the lead, with gains of nearly 4% over the last day.
Amid the positive price move, the latest Shiba Inu exchange movements signal growing confidence among investors as demand continues to heighten.
As of Dec. 25, Shiba Inu exchange movements appear to be trailing in favor of the asset’s continued rally amid the celebration of Christmas.
Shiba Inu exchange netflow stands at -118,611,500,000 SHIB
According to data from crypto analytics platform CryptoQuant, Shiba Inu’s netflow across all supported cryptocurrency exchanges is sitting at -118,611,500,000 SHIB on Thursday.
Notably, the metric represents the difference between Shiba Inu exchange inflows and outflows, indicating that the amount of SHIB tokens scooped out of exchanges in major buying activities is greater than tokens returned to the exchanges for selling purposes.
Thus, traders are willing to buy more SHIB tokens as the sudden shift in market sentiment witnessed during the last trading session has restored momentum to the Shiba Inu ecosystem.
With Shiba Inu moving from the low $0.000006992 it recorded yesterday, it is now trading at $0.000007238 as of press time, according to data from CoinMarketCap, many small and large SHIB holders are showing no interest in selling off their holdings amid renewed market interest.
Where's SHIB headed?
Although negative SHIB netflows like this are often interpreted as bullish signals, reflecting increasing interest and demand for retail and institutional investors, they do not immediately influence the price of the asset.
While Shiba Inu has continued to fail on its recent rebound attempts, it is not certain if the case would be different this time. However, a steady increase in the SHIB exchange inflows against its outflows could propel the price for a sustainable rally, which could help the asset conclude the year on a positive note.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team