After multiple days of showing heightening sell pressure, Shiba Inu is moving back to the bullish side of the market, although it is still struggling to retain crucial support.
As interest begins to return to the SHIB ecosystem, new on-chain data shows a massive change in its market dynamics as holders are increasingly moving tokens out of exchanges rather than returning them.
Shiba Inu sellers slow down
Data from crypto analytics platform Cryptoquant shows that the leading meme token has witnessed a decent decrease of about 2% in the SHIB exchange netflow over the last 24 hours.
As such, the difference between SHIB inflows across all supported exchanges and its outflows, which sum up to be its overall exchange netflow over the past day, is sitting at a massive -45,201,400,000 SHIB.
The metric, which shows that more tokens are being moved out of exchanges rather than being deposited for sale, is a key indication of heightening demand.
With over 45 billion tokens being wiped off centralized exchanges in just one day, it appears that both retail and whale holders are moving their tokens into self-custody amid surging buy activities, while also lowering the immediate risk of significant liquidations.
SHIB exchange reserve plummets
With this negative netflow, the Shiba Inu exchange reserve has returned to the red zone, showing an acceptable decrease of about 0.87% over the last 24 hours, signaling growing conviction among holders.
As the SHIB exchange flow goes extremely negative, the data further shows that the total SHIB currently held on leading cryptocurrency exchanges like Binance and Coinbase has also decreased over the last 24 hours, currently sitting at over 60 trillion and 374 billion, respectively.
Following this bullish on-chain movement, data from CoinMarketCap shows that SHIB has surged rapidly by 3.7% over the last day, trading at $0.000008550 as of press time.
While this has restored the market’s confidence, analysts suggest that SHIB might be removing a zero soon if it is able to hold momentum and succeed at its potential rebound.
