Popular dog-themed meme asset Shiba Inu is once again attempting a major price breakout following the broader crypto market resurgence. Thus, latest exchange movements signal confidence among investors.
The Shiba Inu exchange flow metric has turned red over the last day, showing a massive decline of over 11% during the period, as exchange movements begin to move in favor of the asset's upsurge.
According to data from crypto analytics platform CryptoQuant, Shiba Inu’s netflow across all supported cryptocurrency exchanges is sitting at -125,937,300,000 as of Dec. 11.
Shiba Inu regains bullish momentum
While this represents the difference between the Shiba Inu exchange inflows and outflows, it means 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 by over 125 billion tokens.
As such, it appears that the sudden shift in market sentiment witnessed during the last trading session has restored momentum to the Shiba Inu ecosystem.
Hence, many small and large SHIB holders are showing no interest to sell off their holdings amid growing demand as investors have majorly looked to purchase more tokens.
Instead of the prolonged panic selling trend triggered by weakened investor sentiment, holders are now moving their tokens into self-custody wallets to hold for longer periods.
Shiba Inu heads for major rebound
The decline in the Shiba Inu exchange flow has coincided with a notable increase in the price of the asset following the broad crypto market resurgence.
As such, the metric has stirred hope that the asset may be preparing for a bigger rally as selling pressure continues to subside amid growing appetite for the leading meme asset.
As of the time of writing, Shiba Inu is trading at $0.000007485 with an increase of 1.98% over the last 24 hours. This marks a rapid surge from its latest low of $0.000007011.
While the decline in exchange flows represents a bullish indicator, it aims to tighten the supply available on crypto exchanges supporting the asset, including Coinbase, while propelling the token toward a major price rebound.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team