26.470.900.000 SHIB turns positive as key metrics indicate a resurgence
The leading meme asset, Shiba Inu, seems to be attempting a price breakout amid prolonged volatility as exchange flows begin to indicate increasing demand.
After several days of remaining positive, the exchange flow metric for Shiba Inu turned red over the last day, showing a slight decrease of around 1% over the last day.
With this decrease in the metric, it appears that the amount of tokens sent to exchanges for selling purposes over the last day is lower than the amounts of Shiba Inu tokens bought on exchanges by a substantial amount.
According to data from the cryptocurrency analysis platform CryptoQuant, the net flow of Shiba Inu across all compatible cryptocurrency exchanges stands at -31.737.600.000 as of January 25.
The bullish exchange flow has occurred at a time when the market is experiencing a persistent bloodbath and cryptocurrency assets, including meme tokens like SHIB, have continued to decline.
Although Shiba Inu is still trading in deep red territory, down 1.45% over the last day, the decrease in net exchange flow suggests an increase in demand and the price correction may be nearing its end.
As such, it seems that momentum may be returning to the Shiba Inu ecosystem, and the price of Shiba Inu could be on track for a short-term recovery.
In particular, the metric has sparked hopes that the asset may be gearing up for a greater rebound as selling pressure continues to diminish amid the growing appetite for the leading meme asset.
$SHIB
