Shiba Inu has resumed trading in the green territory amid the broader market rally as bulls appear to be driving demand while momentum builds again.
Following the positive market situation, the Shiba Inu exchange activity has also turned bullish as buying activity on the meme token has increasingly outpaced sell attempts.
SHIB bulls activate
Per data provided by crypto analytics platform CryptoQuant, Shiba Inu has seen a mild decline in its exchange netflow, which is currently sitting at -87,572,400,000 SHIB.
The negative balance in the SHIB exchange flow indicates excessive buy activity over sell attempts.
This suggests that the amount of SHIB moved out of exchanges to private wallets, which is often a buy signal, is more than the amount of tokens sent to exchanges to potentially sell by over 87 billion SHIB.
This is bullish as it potentially shrinks the available supply of SHIB tokens in circulation, signaling an increase in demand for the leading meme token.
Shiba Inu headed for a major breakout?
Following the bullish SHIB exchange activity, its price has also continued to rally, reclaiming $0.0000043 with a decent daily price increase of about 3% after multiple days of extreme volatility.
With the bullish moves coming after several months of consistent downturns, the ongoing rally coinciding with bullish exchange activity has placed SHIB back on track for a major price breakout.
The positive metric extends across the SHIB spot and derivatives markets, suggesting that SHIB futures traders have also regained interest in the meme token.
Dan Burgin
U.Today Editorial Team
