The Shiba Inu ($SHIB) market is currently active, with exchange netflows fluctuating. However, Coinbase stands out prominently, showing a positive netflow of 26 billion $SHIB in just 24 hours.
Billions of Shiba Inu moved to Coinbase
According to the CoinGlass Liquidation Heatmap, Coinbase stood out as the top performer in $SHIB exchange netflows over the past 24 hours.
The netflows heatmap displayed a visual representation of Shiba Inu across major cryptocurrency exchanges.
Notably, Shiba Inu netflows on Coinbase reached 26 billion $SHIB, valued at approximately $155,000.
Essentially, netflow measures the directional movement of tokens to and from the exchange. As seen on Coinbase, the positive netflow indicates more $SHIB is being deposited onto the platform than withdrawn.
This often reflects accumulation, as users transfer tokens, possibly to trade, hold or prepare for further purchases. As the leading exchange in the U.S., a positive $SHIB netflow on Coinbase suggests increased demand from U.S.-based users.
Their actions have created a localized liquidity enhancement on the platform and increased spot trading potential for $SHIB.
In contrast to Coinbase, Upbit has a large negative net inflow of -$483,120, indicating $SHIB outflows, likely selling off the platform. In a similar move, OKX shows an even larger negative of -$358,500.
$SHIB in uptrend
On a broader market with many global exchanges, the $155,690 inflows on Coinbase provide a counterbalancing bullish signal for $SHIB.
Within the past 24 hours, the $SHIB price surged more than 3.9% to trade at $0.0000059. At the same time, the trading volume increased by 11% to $158.6 million, supporting potential momentum if buying continues.
The surge in price and volume places $SHIB in a consolidation phase, up from recent lows. It is difficult to predict how long the correction will last, but $SHIB has found support around $0.0000059.
Moreover, the short-term upward pressure is further supported by a 370% surge in Shiba Inu burn rate in the past day.
Furthermore, recent regulatory clarity and ecosystem developments add cautious optimism for upside.
