The Shiba Inu exchange activity is yet to fully recover from the bearish momentum caused by the recent market drawdown suddenly witnessed across the broad crypto market.
However, recent activity across exchanges per data showcased by crypto analytics platform CryptoQuant suggests that bears are gradually exiting the market.
Shiba Inu netflow at over +65 billion SHIB
Following the recent market drawdown, activity across all major exchanges turned extremely bearish as the volatility sparked fear among traders, especially retailers.
While the bearish momentum is gradually beginning to cool, the Shiba Inu exchange netflow has eased from hundreds of billions of SHIB to just 65 billion SHIB as of Saturday, October 10.
Although the current SHIB netflow is still reflecting a positive balance, which still indicates sustained dominance from bear traders, the slowdown to 65 billion SHIB reflects that SHIB sellers have reduced significantly, even though they are not yet fully wiped out.
With the current SHIB netflow still reflecting a positive balance, this means that the amount of SHIB tokens moved to exchanges for sell-off attempts is higher than the amount of SHIB removed from exchanges for buying purposes by just about 65 billion SHIB.
Shiba Inu flips positive
While the Shiba Inu exchange activity is already providing promising signals as sell-off pressures begin to fade, its price has also returned to green territory.
This suggests that sentiment is flipping once again and demand may be returning to the SHIB ecosystem. As such, market analysts have predicted that the meme token may be gearing up for a major recovery if the momentum persists.
Arman Shirinyan
Dan Burgin
