Shiba Inu has remained in the bullish zone as market sentiment begins to flip positive and traders are beginning to show conviction in the leading meme token again.
Although the asset has still yet to see a major recovery in its price, its exchange flow shows that demand is rising and selling pressure is rapidly easing.
266 Billion SHIB scooped in 24 hours
Per the latest data showcased by crypto analytics platform CryptoQuant, the Shiba Inu exchange netflow has seen a modest surge over the last day as onchain activity begins to intensify.
Over the last 24 hours, the amount of SHIB tokens scooped out of exchanges in attempts to purchase them has surpassed the amount of tokens returned to the exchanges by 266 billion SHIB.
This suggests that traders have bought more tokens than they have sold over the period as investors begin to show renewed interest in SHIB.
The bullish Shiba Inu exchange netflow arrives at a time when the broader crypto market is showing signs of a potential recovery as the prices of leading crypto assets including SHIB begin to flip positive.
Shiba Inu dips again
Despite the bullish exchange flows, Shiba Inu has slid back into negative territory after showing decent price gains the previous day.
As of the time of writing, Shiba Inu is trading at $0.000004656 following a price decline of 2.83% over the last 24 hours despite the bullish signal flashed by its netflow.
This divergence suggests that the downward pressure caused by the prolonged volatility seen in the previous week has yet to be outweighed by the rising demand for the asset.
As such, the Shiba Inu price is still struggling to regain its strength and maintain an uptrend over the longer term.
U.Today Editorial Team
Dan Burgin
