Shiba Inu is back in demand following the broader crypto market resurgence that has sparked renewed interest among investors across the space.
While Shiba Inu has also mimicked the bullish trend, its exchange activity has seen a dramatic surge over the last 24 hours as traders appear to be actively buying the asset.
62 Million $SHIB in demand
Per data provided by crypto analytics platform CryptoQuant, the Shiba Inu exchange netflow has surged by more than 37% over the last 24 hours.
The surge represents larger participation in buying activities across exchanges that support the asset, over transactions with potential sell attempts within the last 24-hour period.
Notably, the data shows that the number of $SHIB tokens that have been moved out of exchanges for purchase purposes over the last 24 hours is substantially more than the $SHIB tokens that flowed in for sale, by 62,807,380,000 $SHIB.
While the past weeks have seen traders increasingly exercise caution on the leading meme token following prolonged crypto market volatility, the surge in the exchange netflow signals a sudden flip in investor sentiment.
Shiba Inu rebounds
The surge in the $SHIB netflow has arrived after Shiba Inu began to see a sharp rebound in its trading price, posting notable gains in its daily returns.
With Shiba Inu now trading around $0.000004463, the surge in its price coinciding with bullish network activity suggests that Shiba Inu is currently in demand and may be headed for a bigger price move.