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Shiba Inu has continued to trade sideways despite the brief price resurgence seen in the last day. Amid this weak momentum, one of $SHIB’s crucial metrics has finally turned bullish again.
According to data from an on-chain analytics platform, the Shiba Inu exchange netflow has seen a substantial reduction over the last day, with the key metric sitting at -33,217,400,000 $SHIB as of Jan. 29.
The metric, which represents the difference between the Shiba Inu exchange's inflows and outflows, revealed that more $SHIB tokens have been scooped out of exchanges like Coinbase, Binance and others, in major buying activities
Shiba Inu holders will not sell
With the latest Shiba Inu exchange movements, it appears that $SHIB investors are gradually regaining confidence despite the prolonged correction seen over the last day.
Usually, negative netflows suggest that tokens are being removed from exchanges and sent to wallets, which is a clear sign of accumulation or long-term holding behavior.
The metric, which appears negative considering the huge reduction, actually suggests that both large holders and individual investors are bullish.
With this data, it appears that selling pressure on the dog-themed meme token has decreased rather than increased. Although $SHIB’s current price action appears weak as the asset has returned to the red territory with about a 4% decline in its price over the last day, its negative exchange netflow suggests that holders are convinced about its long-term potential.
$SHIB maintains positive January returns
Amid the periodic market volatilities, $SHIB appears to be on track to closing January on a positive note.
The asset is currently trading sideways with its price hovering around the $0.000007502 mark following a price decline of 3.95% over the last 24 hours.
While its exchange flow shows that some holders are still willing to hold, Shiba Inu might be at the verge of another breakout, propelling it to closing January with notable returns.
coinedition.com
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finbold.com