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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 1,153% jump in spot netflows in the last hour, attracting the market's attention.
According to CoinGlass, one-hour data for spot flows, Shiba Inu reported $144,380 in inflows and $108,020 in outflows, accounting for a positive net inflow of $36,370, with the net change yielding a 1,153.92% increase.
The Shiba Inu price traded in green after days of dropping, posting gains in Tuesday's session. At press time, Shiba Inu was up 2.31% in the last 24 hours to $0.0000086 but still down 8.06% weekly.
Spot flows measure the capital flow of the cryptocurrency spot market. In the Asian session on Tuesday, a burst of buying lifted prices, but broader conviction remained limited as traders waited for clearer catalysts.
Shiba Inu rose to an intraday high of $0.00000864 early Tuesday, buoyed by buying pressure from capital inflows into the market, before slightly dropping.
Markets closely watching
Leverage has been flushed following the recent drop, but spot demand remains soft, with several altcoins largely directionless despite showing intraday strength.
Shiba Inu surged to a high of $0.00001017 on Jan. 6, before it started declining. Since this date, Shiba Inu fell for six out of seven days before rebounding today.
Shiba Inu is holding above the daily MA 50 (currently at $0.000008), a level that previously limited its price action, which remains positive for its price, with the next targets now at $0.00001 and $0.000011.
Markets are closely watching inflation data after December’s jobs report hinted at the cooling of the labor market, reinforcing expectations that the Federal Reserve might delay interest-rate cuts. Futures markets currently price in two quarter-point cuts this year beginning in June, according to the CME FedWatch tool.
Tomiwabold Olajide
Arman Shirinyan
Gamza Khanzadaev
Godfrey Benjamin