Shiba Inu maintained its downward trend as volatility in the cryptocurrency market continued. However, on-chain exchange data indicated that demand for the asset has strengthened in the last 24 hours. Although a significant recovery has not yet been seen on the price side, the increase in the amount of tokens released from the exchanges showed that the selling pressure has begun to weaken.
Negative net data that stands out in the stock market flow
According to CryptoQuant data, exchange net flow for Shiba Inu stood at minus 28,304,500,000 SHIB as of Saturday, June 20. This data revealed that the amount of SHIB withdrawn from the exchanges for purchase in the last 24 hours was 28.3 billion more than the amount sent back to the exchanges for sale.
Mini dictionary: CryptoQuant is an analysis platform that tracks the cryptocurrency market through on-chain data and exchange feeds. A negative stock market net flow generally indicates that assets are withdrawn from the stock markets and the selling tendency may weaken in the short term.
While the sentiment in the market remained in the positive zone, albeit weak, it was evaluated that trading investors started to show renewed interest in SHIB, one of the leading meme tokens. While the sales pressure that has been prominent in recent days has been replaced by a more balanced outlook, the increase in demand has stood out as a supporting factor for a possible price recovery.
CryptoQuant data showed that the amount of SHIB withdrawn from exchanges for purchase in the last 24 hours exceeded the amount returned to exchanges for sale by more than 28.3 billion.
Price has not recovered yet
However, this outlook has not yet been reflected in prices. At the time of writing, SHIB was traded at $0.000004710, down 1.28% in the last 24 hours. This table revealed that there was a divergence between on-chain demand data and short-term market pricing.
There have been signs of recovery, albeit limited, in the broader cryptocurrency market. While modest increases were recorded in major assets such as Bitcoin and XRP, SHIB has not yet been able to follow this movement. Despite this, the change in stock market flow strengthened expectations that investors began to accumulate the token.
Analysts watch demand continue
Market observers noted that if current demand is maintained, Shiba Inu could move back into positive territory in the near term. However, for this expectation to come true, the outflow trend from the stock markets will need to continue and general market conditions will need to remain supportive.
Although a strong recovery in price has not yet been seen, increasing demand and weakening selling pressure pave the way for a possible change in direction for Shiba Inu.
Shiba Inu is known as a meme token that runs on the Ethereum network and stands out especially for its community impact. Recent data has shown a remarkable shift in investor behavior despite short-term price pressure.
