Shiba Inu is trading on a downside trajectory, showing a decent decrease in its price over the last 24 hours, but its exchange activity is printing a different signal.
Amid the ongoing downtrend facing the broad crypto market, onchain data from crypto analytics platform CryptoQuant suggests that Shiba Inu is still in demand.
Shiba Inu bulls take over
Per the data, the Shiba Inu exchange netflow has declined by over 3% over the last day, sitting at -145,196,700,000 SHIB as of the time of writing.
The negative balance in the Shiba Inu exchange flow projects a bullish outlook as it shows that the amount of SHIB tokens sent to exchanges for sell-off purposes is substantially lower than the amount of tokens moved out of exchanges to private wallets to hold.
While this comes after multiple days of extreme caution, it appears that bulls are gradually dominating the Shiba Inu spot market and buy activity is increasingly outweighing the sell-off pressure facing the market.
Shiba Inu loses track of a positive July
Following the recent market downturn, Shiba Inu is currently sitting at a 1.74% loss for its July return, sparking concerns among traders about whether the token will deliver the anticipated July gains.
Although Shiba Inu has dropped by 0.98% over the last day, trading at $0.000004130 as of the time of writing, its exchange activity suggests that it could be preparing for a bullish price reversal.
Hence, the asset could reclaim its path to a positive monthly close, positioning it for greater upside momentum as confidence returns to the market.
Dan Burgin
U.Today Editorial Team
