Shiba Inu has seen sustained demand as its recent exchange activity shows that holders have continued to aggressively move tokens out from crypto exchanges.
While the reason behind the rising outflow remains unclear, the move has often been traced to increased buying activities as the act of moving tokens out of exchanges to self-custody typically represents purchases.
Over 207 Billion SHIB out in 24 hours
According to data provided by crypto analytics platform CryptoQuant, the Shiba Inu exchange netflow has surged by over 5% over the last day.
This shows a notable rise in exchange activity as a net total of 207,977,100,000 SHIB has been moved out of exchanges within the last 24 hours.
This marks a substantial difference between the amount of tokens sent to exchanges and the amount moved out over the period, signaling increased buying activity among holders.
The increase in the Shiba Inu netflow has remained persistent for the past few days, suggesting that Shiba Inu is still in demand despite the market consolidation.
SHIB price remains down
While the Shiba Inu exchange activity continues to flash a bullish signal, the asset's price has remained steadily in red territory since last week.
Shiba Inu has continued to trade around $0.0000054 at the time of writing, showing a notable misalignment in both metrics as increased buying activity is often seen during price rallies.
This divergence in the Shiba Inu exchange and trading activity has sparked concerns across the crypto community. However, analysts predict it is a potential signal for an incoming bullish trend.
Dan Burgin
