The Shiba Inu exchange reserve has remained flat over the last 24 hours, but its netflow shows that traders are buying rather than taking caution, as market sentiment suddenly flips bullish.
While the crypto market is currently witnessing a sharp resurgence after multiple weeks of severe price corrections, data provided by crypto analytics platform CryptoQuant shows that the Shiba Inu exchange netflow is bullish.
Over 1.3 billion SHIB on sale
Alongside the broader crypto market, Shiba Inu has suddenly flipped positive, all thanks to a rapid shift in investor behavior that has caused its selling pressure to fade.
The surge in investor demand for the leading meme token is evident in its exchange activity, as the data further showed that the Shiba Inu exchange netflow is currently sitting at over -1.3 billion SHIB.
This means that the number of SHIB tokens that have been moved out of exchanges for purchase purposes over the last 24 hours is substantially more than the SHIB tokens that flowed in for sale, by over 1 billion SHIB.
While Shiba Inu has previously seen bigger netflows, the decent number it recently delivered is considerably significant as it finally provides a bullish outlook for SHIB after multiple weeks of notable price declines.
How long till SHIB reclaims $0.000005?
Although Shiba Inu has shown a rapid price increase over the past two days, its price has still yet to reclaim crucial highs long anticipated by its investors.
Following the rapid surge in prices of major crypto assets including SHIB, its price is still trading around $0.000004349 as of the time of writing.
While Shiba Inu has yet to see a substantial surge in its price, analysts believe that sustained demand for SHIB and consistently positive exchange activity could further drive momentum for SHIB, pushing its price to possibly remove another zero before the year ends.
U.Today Editorial Team
Dan Burgin
