After multiple days of flashing consistent bearish signals, the Shiba Inu exchange flow is finally seeing demand return to the market as the price makes a massive comeback.
Following the recent volatility faced with the broad crypto market that saw leading cryptocurrencies, including Bitcoin and meme coins like Shiba Inu, plunge significantly in their trading prices, the market has finally regained momentum as Shiba Inu has made a huge comeback in its trading price.
The massive increase in the Shiba Inu price has been accompanied with strong demand from retail and institutional investors as the asset’s exchange movements show that traders are more willing to buy the assets than dump them.
As of Saturday, Feb. 7, data from on-chain analytics platform CryptoQuant shows that Shiba Inu’s netflow across all supported cryptocurrency exchanges is currently sitting at -212,479,300,000 SHIB.
This means that the amount of SHIB scooped out of exchanges for buying purposes amid the growing demand is massively larger than the amount of tokens returned to exchanges for sales over the last day by over 212 billion tokens.
Thus, this suggests that investors have regained interest and optimism for SHIB and they are willing to buy more assets as broader sentiment turns bullish.
Shiba Inu cools after rapid resurgence
Following the massive price resurgence seen over the last two-three days when Shiba Inu saw daily price increases of over 15%, it appears that the asset is cooling.
While it has maintained trading in the green territory, Shiba Inu has now cooled from recent insane price surges as it is now showing a decent price gain of 0.85% over the last 24 hours.
Regardless of the cooling momentum, its current exchange movements show that demand remains incredibly high, suggesting that the asset would soon resume its price recovery and reclaim previous highs.
Caroline Amosun
Tomiwabold Olajide
Dan Burgin