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Shiba Inu is following the ongoing positive trend in the broader crypto market as the prices of leading cryptocurrencies, including meme tokens, are beginning to post decent gains.
While $SHIB has also moved toward a brief price rebound, the latest data on its exchange activity suggests that traders are gradually regaining their confidence in the leading meme token.
Over 106 billion $SHIB out of circulation
Shiba Inu has seen more buyers trade its token over the last day than sellers as the asset begins to garner conviction among traders as momentum begins to build.
Per data from CryptoQuant, the Shiba Inu exchange netflow is projecting a bullish signal as it is sitting at -106,971,400,000 $SHIB as of the time of writing.
This means that the number of $SHIB tokens purchased from trading platforms over the last 24 hours has surpassed the tokens sold over the same period by a massive 106,971,400,000 $SHIB.
The negative netflow is bullish for the asset as it signals increased conviction among traders, with over 106 billion $SHIB tokens being purchased in just one day.
With selling pressure finally easing off, market participants are becoming more optimistic about a price recovery for $SHIB, with hopes that the extreme market volatility seen recently eventually fades off.
Shiba Inu sees brief price surge
Although Shiba Inu is witnessing bullish exchange activity, its price has still yet to show signs of a major recovery. However, its downside pressure is beginning to ease off.
While still trading around its multi-month low at about $0.0000047, Shiba Inu has shown a modest price gain of 0.3% over the last 24 hours, according to data from CoinMarketCap.
This shows that the promising netflow has still yet to trigger a major recovery for $SHIB, but it is gradually creating the path for a price resurgence in the short term.