In the past 24 hours, the number of Shiba Inu tokens withdrawn from cryptocurrency exchanges has exceeded the amount deposited by more than 266 billion SHIB. According to CryptoQuant data, this notable spike in on chain activity points to renewed investor interest in Shiba Inu as market dynamics shift.
Demand outpaces supply in exchange flows
Data shows that investors have pulled more SHIB from exchanges than they have sent in for selling, suggesting that buying interest has dramatically outpaced selling pressure in the latest trading session. This shift indicates that selling may be easing while accumulation is on the rise among traders.
CryptoQuant’s latest figures reveal that in the last 24 hours, outflows of SHIB from exchanges surpassed inflows by over 266 billion tokens.
CryptoQuant, known for its detailed analysis of exchange flows and on chain metrics in digital assets, provides key netflow indicators for assets like Shiba Inu. Netflow represents the difference between tokens entering and exiting exchanges: a negative netflow typically means assets are moving off exchanges, while a positive figure signals more tokens coming in for potential sale.
Glossary: Netflow is the difference between the amount of a cryptocurrency entering and exiting exchanges. Increasing outflows can signal that investors prefer to hold their assets rather than sell.
Price remains subdued despite outflows
Even as exchange outflows mounted, SHIB’s price showed little sign of a rebound during the same period. At the time of writing, Shiba Inu was trading at $0.000004656. The memecoin recorded a price loss of 2.83% over 24 hours, underscoring a disconnect between growing inflows and immediate price action.
This scenario highlights a short term divergence between increasing demand and Shiba Inu’s price performance. The lingering downward pressure from ongoing volatility appears not to have been fully outweighed by renewed interest, at least not yet.
While surging outflows hint at stronger buying interest, SHIB’s price still slid 2.83% in the past 24 hours, dropping to $0.000004656.
Overall market sentiment plays a role
Shiba Inu’s recent movements come as anticipation grows for a broader rebound in the cryptocurrency market. Mild optimism around major digital assets may be fueling renewed appetite for risk taking among investors, including those trading SHIB.
However, current price action suggests Shiba Inu continues to struggle to regain a lasting upward trend. While on chain data shows demand strengthening, sustained recovery will likely require continued accumulation and a more pronounced bullish shift across the market.
