After selling activities across major Shiba Inu exchanges had massively intensified in the past days, it appears that they have begun to cool as the asset's exchange metric is now flashing a different signal.
Although the broader crypto market has continued to show mixed price actions, data from CryptoQuant shows that traders are becoming bullish on the leading meme token again.
Shiba Inu demand intensifies
According to the data, Shiba Inu has seen its exchange netflow flip bullish after showing a negative balance of over 40 billion over the last 24 hours.
Although Shiba Inu's current netflow does not mean an immediate price rally is brewing, it signals rising interest among investors, suggesting that more traders are willing to buy.
The metric has drawn attention from market analysts because it is coming after multiple days of large positive balances, which often signaled increasing sell pressure.
With the Shiba Inu exchange netflow currently sitting at -40,506,300,000 SHIB, this implies that the number of tokens moved off exchanges for buying purposes is significantly larger than the amount of tokens sold by that figure over the last 24 hours.
Shiba Inu to $0.000006
With Shiba Inu consistently trading above the $0.000005 mark since its last major price breakout in mid-August, market analysts believe that it could be on track to reclaim another major level if momentum holds.
While the -40 billion SHIB netflow signals increasing demand in the leading meme token, market participants predict that the brewing demand could be the push Shiba Inu needs for its next leg up to reclaim and hold above $0.000006.
Dan Burgin
U.Today Editorial Team
