While the volatility of the entire virtual currency market continues, the Shiba Inu continues to trend downward. However, its currency activity is starting to show a bullish outlook.
With market sentiment still barely positive, traders seem to be starting to show confidence in the leading meme token again and have started buying more tokens in the previous day.
Shiba Inu eye recovery
Although Shiba Inu prices have not yet recovered significantly, currency movements indicate that demand is increasing and selling pressure is beginning to ease.
data Crypto analysis platform CryptoQuant shows that Shiba Inu exchange flow currently sits at -28,304,500,000. $SHIB As of Saturday, June 20th.
This shows the following quantities: $SHIB The number of tokens moved from exchanges for purchase in the past 24 hours exceeds the amount of tokens returned to exchanges for sale by more than 28 billion.
As such, demand for this asset is increasing and starting to overwhelm the selling pressure seen so far, increasing the likelihood of a Shiba Inu price recovery.
Shiba Inu still red
Nevertheless, it is important to note that the bullish Shiba Inu exchange netflows come at a time when the broader crypto market is showing signs of a potential recovery, as the prices of major crypto assets such as Bitcoin and XRP are showing modest increases.
However, this is still not the case $SHIBits price is still trading in the red, showing a decline of 1.28% in the past 24 hours and trading at $0.000004710 at the time of writing.
Although the bullish foreign exchange performance has not yet been reflected, $SHIBConsidering the current trading price of , analysts are confident that the asset will turn positive in the near future if demand continues.
