Shiba Inu is showing early signs of a possible recovery after several days of sharp price declines, even as the wider crypto market faces mounting selling pressure.

Although momentum seems to be shifting, the latest on-chain data from crypto analytics platform CryptoQuant suggests buyers are once again gaining ground in the Shiba Inu market.

Over 114 billion $SHIB in demand

Shiba Inu remains under pressure amid prolonged market volatility, with its price still trading in negative territory, but exchange activity is signaling something different.

The data shows that Shiba Inu’s exchange netflow fell by about 1.37% over the past day, reaching -114,647,400,000 $SHIB at the time of writing.

The negative netflow balance points to rising investor demand for the leading meme token: over the past 24 hours, the number of $SHIB tokens moved off exchanges for buying purposes substantially exceeded the number transferred to exchanges in attempts to sell.

This apparently means traders bought more tokens than they sold over the past day, potentially positioning Shiba Inu for a bullish price reversal after the steep declines of recent days.

Does Shiba Inu still risk adding zero?

Shiba Inu’s price action remains mixed, and the token has yet to respond to the bullish exchange activity seen over the past day. However, market participants are regaining confidence in its potential price move.

Price movement remains slow, but the hourly chart shows momentum gradually shifting into positive territory, suggesting Shiba Inu might be nearing a recovery.

Source: u.today. Adapted by NBTC.