Shiba Inu has started the new week on a strong note as exchange activity shows traders are still actively buying the leading meme token.
Although it often serves as a primary price indicator, it has little impact on price. $SHIBThe current trading price as an asset is seen trading in the red area at the beginning of the week.
$SHIB Exchange net flow decreases
Provided by cryptocurrency analysis platform Cryptoquant on Monday, April 13th data It was revealed that the net flow of Shiba Inu Exchange showed a negative balance of -89,493,400,000. $SHIB.
That is, over 89 billion $SHIB Since an exchange’s netflow typically represents the difference between asset outflows and inflows across supported exchanges, tokens were removed from exchanges during the past day’s large buying activity.
It is important to note that negative net flows are often considered bullish for the asset as it reflects increased purchasing activity.
However, the impact of negative net flows has not yet been reflected. $SHIBThe trading price of is still trading in deep red territory, causing concern among traders.
Negative net flows suggest that demand is still intact despite widespread market volatility, but the divergence in market value has sparked curiosity.
Shiba Inu April return is negative
Shiba Inu recorded a positive return of about 3% last month, finally breaking a long period of stable monthly losses, but the asset’s momentum has not yet been sustained into April.
As of April 13th, Shiba Inu It shows a negative return of -2.65 for the month. If the asset fails to pick up the pace and regain momentum, it could be back on track for a streak of negative monthly returns.
However, if the opposite were to happen, the positive returns seen in March-April could be extended to the end of the month.
