Shiba Inu Supply Shrinks as 167,991,300,000 SHIB Exit Exchanges

Despite the negative Shiba Inu price movement, its on-chain activities suggest renewed optimism and interest among holders, as the leading meme asset appears to be building momentum again.

Although Shiba Inu has seen a mild slowdown in its price movement, the asset appears to be gearing up for a major move in the near term, as its exchange movement, showcased via data from CryptoQuant, signals rising demand among investors.

-167,991,300,000 SHIB in exchange netflow

Over the last 24 hours, Shiba Inu has witnessed an impressive exchange flow moving in favor of its price upswing, as it recorded a massive -167,991,300,000 SHIB in exchange netflow during the period.

Notably, the Shiba Inu exchange netflow represents the difference between Shiba Inu exchange inflows and outflows, which is often a bullish signal when it turns negative.

The decline in the SHIB netflow means that the amount of SHIB tokens scooped out of exchanges in major buying activities is greater than the tokens returned to exchanges for selling purposes.

The surge in demand for Shiba Inu suggests that traders are willing to buy more SHIB tokens in preparation for a major price move.

Shiba Inu futures market explodes

Amid the bullish exchange flows, Shiba Inu has extended the bullish momentum to its derivatives market, as investors continue to show renewed interest and optimism in the leading meme asset.

During the same period in which Shiba Inu recorded a massive -167 billion SHIB exchange netflow, the asset also saw its open interest surge notably by 9.39% over the last day.

Notably, Shiba Inu futures traders have committed over 11,940,000,000,000 SHIB into active contracts, signaling surging investor confidence, which could propel the asset’s price toward a major rebound.

Following the positive increase in the on-chain metric over the last day, Gate.io accounted for the highest share of Shiba Inu’s total open interest among all supported exchanges. The exchange solely carried 39.28% of the total amount of SHIB committed to the futures market during the period.