Shiba Inu is teasing another price rally as its exchange activity becomes bullish again, signaling a significant reduction in selling pressure.
Latest data provided by crypto analytics platform CryptoQuant on Thursday shows that traders have acquired more SHIB tokens over the last 24 hours.
Over the stated period, the amount of SHIB withdrawn from exchanges for buying purposes is massively larger than the amount sent to exchanges for sales, by multiple billions of SHIB tokens.
Over 24 billion SHIB in demand
After dropping by about 0.81% over the period, the Shiba Inu exchange netflow is now sitting at -24,320,300,000 as of Thursday, April 9.
Although the metric has come as SHIB continues trading in red territory, it suggests that market sentiment might be ready to flip in favor of the dog-themed meme token.
This metric is promising a potential rally on the price of SHIB, as it shows that demand has outweighed sales, and investor interest is returning.
Although the Shiba Inu exchange netflow shows an extremely negative figure, it has brought relief to rising market fear as it marks a bullish signal for SHIB in such distressing market conditions.
SHIB price still in red
Although the current SHIB exchange netflow is flashing bullish signals, the Shiba Inu trading price is yet to accompany the metric in the bullish comeback.
As of the time of writing, data from CoinMarketCap shows that Shiba Inu is trading at $0.000005873, marking a decrease of 3.77% over the last 24 hours.
While the surging demand is yet to reflect in SHIB’s trading price, it appears that other on-chain metrics are also yet to catch up with the bullish pace.
The Shiba Inu burn rate has also remained negative, with about an 84% decline over the last 24 hours, stirring concerns among traders about SHIB’s potential price move.