Shiba Inu is back on track to reclaim the $0.000005 zone after multiple weeks of trading below this price level following the extensive market downturn.
While momentum is building again, latest data provided by crypto analytics platform CryptoQuant shows that the amount of Shiba Inu available for sale on exchanges has been reduced substantially, reflecting a bullish netflow balance.
Over 207,000,000,000 $SHIB removed from available supply
Following the bullish exchange activity, the data shows that the Shiba Inu exchange netflow is currently sitting at a negative balance of -207,257,000,000 $SHIB, which is bullish for its price.
It is important to note that such negative balances in the $SHIB exchange netflow provide a bullish outlook for the meme token, as it means that the amount of tokens returned to exchanges for sale is substantially lower than the amount moved out of supported exchanges for buying purposes.
Apparently, this implies that more buyers have flooded the Shiba Inu trading platform over the last day, fading off existing sell pressure while driving its price toward further upward moves.
Shiba Inu spot and futures market in flames
The bullish reversal in Shiba Inu exchange activity has come amid a broader crypto market rally after major crypto assets including Bitcoin and XRP suddenly flipped into the green, recording price increases of over 15% over the last day.
Shiba Inu also joined the trend, surging massively from its previous low to reclaim $0.000005 after multiple weeks of trading significantly lower. This marks a price increase of 9.87% over the last 24 hours.
Market participants believe $SHIB could eventually reclaim its multi-month high of $0.000006 in August if momentum persists.
