44 Billion SHIB in Hours: Shiba Inu May Head for Rebound

Shiba Inu has continued to trade on a downward trajectory amid prolonged broader market volatility. However, its exchange activity over the last 24 hours has provided a different signal.

With its price still struggling to reclaim its recent high around the $0.000005 mark, the latest data from crypto analytics platform CryptoQuant has provided investors with a glimpse of hope for a possible price recovery soon.

44 billion $SHIB in demand

Per the data, the Shiba Inu exchange netflow has drawn attention amid the market downturn after projecting a negative balance of 44.1 billion $SHIB as of Thursday, August 13.

While a netflow of 44 billion $SHIB may seem modest, its timing makes it significant as it shows a major divergence between the $SHIB trading price and its exchange activity.

Notably, the metric shows that the amount of $SHIB tokens moved out of exchanges amid growing demand is significantly greater than the amount of $SHIB returned to exchanges for sell-off purposes over the last day.

While the difference in both activities stands at -44 billion $SHIB, it means that the amount of $SHIB available for sale on exchanges has been reduced substantially, gradually cooling the intense sell pressure facing the Shiba Inu ecosystem.

Where's $SHIB headed?

Although the Shiba Inu exchange flow provides a bullish outlook for $SHIB, the asset is still struggling to recover near its recent high, consistently trading in the red zone.

However, analysts believe there is still a chance for a potential price reversal for $SHIB if investors remain resilient and it is able to sustain demand even amid such weak market conditions.