Shiba Inu is regaining the attention of crypto investors as the broader digital asset market shows signs of recovery. Over the past 24 hours, Shiba Inu has seen a noticeable uptick in activity across major exchanges, with a rising trend of buy-side trades indicating a shift in sentiment.
Momentum builds in exchange data
According to data from CryptoQuant, the net outflows of Shiba Inu on exchanges climbed by over 37 percent within the last day. As a prominent blockchain analytics platform, CryptoQuant closely monitors capital inflows and outflows on cryptocurrency exchanges to provide insights into liquidity trends.
During the last 24 hours, the amount of SHIB withdrawn from exchanges for purchasing purposes surpassed the amount deposited for selling by a margin of 62,807,380,000 SHIB.
These figures underscore that buying demand on SHIB-supporting exchanges has noticeably outweighed efforts to sell. The substantial difference between tokens moving off exchanges compared to those coming in suggests that short-term demand for SHIB is on the rise.
Sentiment shifts in the meme coin space
Recent market volatility pushed investors to adopt a more cautious stance toward meme coins in general. However, the latest net inflow reversal for SHIB signals that market sentiment may have quickly swung back in its favor.
This surge in trading activity coincided with a recovery in Shiba Inu’s price. An uptick in daily returns coupled with buy-heavy exchange data has contributed to renewed excitement around the token.
Focus turns to price recovery
At the time of writing, Shiba Inu was trading near $0.000004463. The simultaneous increase in both price and on-chain activity has prompted investors to watch for the potential of a broader SHIB rally in the days ahead.
Still, analysts caution that sharp short-term flows alone may not be enough to confirm a lasting trend. Even so, the recent data paints a picture of clear resurgence in demand for Shiba Inu, underscoring how dynamic shifts can quickly reshape the meme coin landscape.
