Shiba Inu has begun the new week on a strong footing as exchange activities show that traders are still actively purchasing the leading meme token.
While this often acts as a major indicator for its price, it has barely impacted SHIB’s current trading price as the asset is seen trading in red territory at the start of the week.
SHIB exchange netflow declines
On Monday, April 13, crypto analytics platform Cryptoquant provided data revealing that the Shiba Inu exchange netflow is showing a negative balance of -89,493,400,000 SHIB.
This means that over 89 billion SHIB tokens have been removed from exchanges in major buying activities over the past day as exchange netflows typically represent the difference between an asset’s outflow and inflow across supported exchanges.
It is important to note that negative netflows are often considered bullish for the concerned asset as they reflect increased buying activity.
However, the effect of the negative netflow has yet to reflect on SHIB’s trading price as the asset is still trading in deep red territory, sparking concerns among traders.
Although the negative netflow suggests that demand is still intact despite broad market volatility, the divergence in its market value has triggered curiosity.
Shiba Inu April return becomes negative
While Shiba Inu had eventually broken the long streak of steady monthly losses with a positive return of about 3% last month, the asset has yet to sustain momentum until April.
As of April 13, Shiba Inu is showing a negative return of -2.65 for the month. If the asset fails to pick up pace and successfully regain momentum, it might be on track to resume another streak of negative monthly returns.
However, if the reverse becomes the case, the asset might extend the positive returns seen in March to April by the time the month ends.
Dan Burgin
U.Today Editorial Team
