Shiba Inu is back in demand after multiple days of seeing massive amounts of SHIB tokens exit exchanges amid rising selling pressure.
Nonetheless, market sentiment appears to have flipped in favor of the dog-themed meme token as its exchange activity over the last 24 hours shows that demand has outweighed sales.
Shiba Inu netflow spikes 5.26%
According to data provided by crypto analytics platform Cryptoquant, Shiba Inu has seen its traders purchase more tokens than they have sold over the past day.
As such, the Shiba Inu exchange netflow has surged by about 5.28% over the last 24 hours, sitting at -111,677,000,000 SHIB as of the early hours of Monday, April 6.
Although the metric shows that the Shiba Inu exchange netflow has flipped extremely negative, it has brought relief to rising market fear as it marks a bullish signal for SHIB.
This is so because the metric indicates that the amount of SHIB scooped out of exchanges for buying purposes over the last 24 hours is massively larger than the amount of tokens returned to exchanges for sales, by over 111 billion SHIB.
This means that more traders are showing renewed interest in SHIB, and they are increasingly buying the asset as demand grows.
Shiba Inu regains $0.000006065
The surge in demand has fueled an upside momentum for SHIB’s price as data from CoinMarketCap shows that the asset has switched to the green territory, showing a notable daily price increase.
Over the past day, Shiba Inu has surged by 4.25% over the last 24 hours, trading at $0.000006065 as of writing time.
With such a positive exchange flow coinciding with an increase in its trading price, Shiba Inu may be headed for a major price breakout.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
