Jakarta, Pintu News – After several days of mounting selling pressure, Shiba Inu (SHIB) has now started to show bullish signals in the market, although it is still struggling to maintain critical support.
Data from crypto analytics platform Cryptoquant shows that the leading meme token saw a decline of about 2% in SHIB exchange net flows over the past 24 hours. As such, the difference between the inflow of SHIB across all supported exchanges and its outflow, which is the overall net flow of exchanges during the previous day, was recorded at minus 45,201,400,000 SHIB.
This signals that both retail and whale holders are starting to move their tokens to self-storage amid increased buying activity, while reducing the risk of massive liquidation.
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With this negative net flow, the Shiba Inu exchange’s reserves returned to the red zone, showing a considerable decline of 0.87% over the past 24 hours. This signals growing confidence among holders.
As SHIB exchange flows are extremely negative, further data shows that the total SHIB currently held on major crypto exchanges such as Binance and Coinbase have also declined over the past 24 hours, currently standing at just above 60 trillion and 374 billion, respectively.
Following this bullish on-chain movement, data from CoinMarketCap shows that SHIB has rapidly surged by 3.7% over the last day, trading at $0.000008550 at press time.
While this has restored market confidence, analysts suggest that SHIB might clear one zero soon if it can maintain momentum and succeed in its potential rebound.
With over 45 billion tokens removed from centralized exchanges in a single day, Shiba Inu is showing strong signs of recovery. This activity not only reduces selling pressure, but also increases the potential for significant price increases in the near future.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
A1: A total of 45,201,400,000 Shiba Inu (SHIB) tokens were removed from the exchange in one day.
A2: A 0.87% decrease in the Shiba Inu exchange reservation indicates an increase in confidence among holders.
A3: Shiba Inu (SHIB) price has risen by 3.7% in the last one day.
A4: Negative net flow indicates that more SHIB tokens were taken out of the exchange than were put in, indicating a decrease in selling pressure and a potential price increase.
A5: Analysts predict that Shiba Inu (SHIB) might remove one zero from its price if it can maintain momentum and succeed in the expected rebound.
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