154,448,000,000 SHIB Restores Hope as NetFlow Plunges 21%

Shiba Inu is down 1.83% in its trading price over the last 24 hours. However, a relative decline in its exchange net inflow has triggered attention from investors.

According to data from an on-chain analytics platform, Shiba Inu has recorded a decrease of 154.4 billion SHIB in its overall net inflow across all supported exchanges, including Coinbase, Binance, and others.

SHIB holders show resilience 

Despite the slowdown in Shiba Inu’s trading price, its exchange flows have shown a 21.83% decline, suggesting that holders have shown less interest in selling.

While this key metric signals a dramatic shift in investor sentiment, it appears that the decline in SHIB’s trading price is not entirely attributed to speculative trading. Rather, it might be the leading altcoin responding to the broader market trend.

The metric, which marks the difference between exchange inflows and outflows, suggests that the amount of Shiba Inu tokens withdrawn from exchanges is larger than the amount of tokens deposited for sale by 154,448,000,000 SHIB.

This trend indicates that many small and large SHIB holders have shown no interest in selling their holdings despite the negative price trend. Instead, they are moving their tokens into self-custody wallets to hold for longer periods.

While the decline in exchange flows stands as a bullish indicator, it aims to tighten the supply available on crypto exchanges while propelling the token toward a potential price upsurge.

Although the low selling activity could highlight strong investor confidence, it is also important to note that the slow market activity could mean that investors are trading with caution.

The sharp plunge in net flows could help stabilize the price movements of the leading memecoin, and investors are confident that the token might be set for bigger price rallies ahead.

To further build momentum for the dog-themed meme cryptocurrency, its burn activity has also surged decently by 22.98% after staying flat in previous days.

With 171,407 SHIB tokens moved out of circulation today, the resurgence in the SHIB burn rate aligns with the decline in exchange net flows, as they work hand in hand to tighten the SHIB supply while driving demand for the token.