Shiba Inu is closing in on the $0.000005 level after weeks below it, as exchange data shows a negative SHIB netflow. The meme coin has jumped nearly 10% in 24 hours amid a broader crypto rally.
Shiba Inu is back on track to reclaim the $0.000005 zone after multiple weeks of trading below that level following the market downturn. Exchange data from CryptoQuant now points to a bullish shift in supply.
The data shows the Shiba Inu exchange netflow currently sitting at a negative balance of -207,257,000,000 SHIB, which is bullish for its price. A negative balance like this means the amount of tokens returned to exchanges for sale is substantially lower than the amount moved out of exchanges for buying.
This apparently implies that more buyers have flooded Shiba Inu's trading activity over the last day, fading existing sell pressure and driving the price toward further upward moves.
The reversal in Shiba Inu's exchange activity has come amid a broader crypto market rally, after major crypto assets including Bitcoin and XRP suddenly flipped into the green, recording price increases of over 15% over the last day.
Shiba Inu also joined the trend, surging from its previous low to reclaim $0.000005 after multiple weeks of trading significantly lower — a price increase of 9.87% over the last 24 hours.
Market participants believe SHIB could eventually reclaim its multi-month high of $0.000006 in August if momentum persists.
Source: U.Today
Trading involves risk.
Risk Disclaimer
