Shiba Inu is showing early signs of a potential price recovery. Exchange data reveals a sharp shift in trader behavior, even as the token continues to trade in the red.
According to crypto analytics platform CryptoQuant, SHIB’s exchange netflow dropped to -24,320,300,000 as of Thursday, April 9. This figure reflects a 0.81% decline over the period. It signals that traders withdrew billions more SHIB tokens from exchanges than they deposited, a classic indicator of reduced selling pressure.
When netflow turns negative, it typically means investors are moving assets into private wallets rather than positioning for sale. For SHIB, the scale of this outflow is notable. The gap between withdrawals and deposits runs into the hundreds of billions of tokens, suggesting meaningful accumulation activity.
Market Sentiment Shows Early Shift
Market fear has been elevated across the broader crypto space. Yet SHIB’s netflow data offers a counternarrative. Investors appear to be buying into weakness rather than exiting their positions.
This behavior points to a potential sentiment shift. Traders who accumulate during periods of fear often anticipate future gains. The negative netflow suggests that a portion of the market views current SHIB prices as a buying opportunity.
However, sentiment indicators alone do not guarantee price recovery. On-chain data must align with actual buying pressure reflected in price movement. So far, that alignment has not materialized.
The token’s price remains suppressed. As of the time of writing, Coincodex data shows SHIB trading at $0.00000599. That represents a 0.41% decline over the past 24 hours. Despite the bullish netflow signal, sellers are still in control of short-term price action.
Source: https://coinpaper.com/16129/shiba-inu-exchange-netflow-turns-negative-amid-ongoing-price-decline
