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Shiba Inu is eyeing another price rally as exchange activity suggests demand is rising again, with traders appearing to buy more tokens rather than sell.
Crypto analytics platform CryptoQuant reported on Thursday that traders acquired more SHIB tokens over the last 24 hours.
Over the stated period, the amount of SHIB withdrawn from exchanges for buying purposes was massively larger than the amount sent to exchanges for sales, by multiple billions of SHIB tokens.
Although SHIB exchange netflow remains negative, it has improved: after dropping by about 0.81% over the period, the metric stood at -24,320,300,000 as of Thursday, April 9.
While the figure is still negative as SHIB trades in red, the shift in exchange behavior points to a potential reduction in selling pressure and a possible sentiment change.
Despite the bullish exchange signals, Shiba Inu’s trading price has not yet reflected a rebound. CoinMarketCap data shows SHIB was trading at $0.000005873, down 3.77% over the last 24 hours.
Other on-chain indicators have also not yet aligned with the improving exchange activity.
The Shiba Inu burn rate has stayed negative, falling by about 84% over the last 24 hours. This has raised concerns among traders about whether the token’s next price move will materialize.
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