- SHIB exchange flow is hinting at another rally
- Shiba Inu OI flips positive with 2.24% surge
The Shiba Inu exchange netflow has gone extremely negative despite the weak price trend, suggesting that retail and institutional traders are quietly accumulating the asset for cheaper prices.
While a negative netflow is a typical indicator of growing demand, the metric brings a bit of relief to market participants as it has come after multiple days of the leading meme token flashing consistent bearish signals, with the metric showing huge increases day by day.
SHIB exchange flow is hinting at another rally
On Saturday, March 7, crypto analytics platform CryptoQuant showcased about a 3% decline in the Shiba Inu exchange netflow over the last 24 hours.
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As such, Shiba Inu’s netflow across all supported cryptocurrency exchanges is currently sitting at -131,956,300,000 SHIB. While the metric theoretically seems negative, it is quite bullish for SHIB’s potential price action.
This is because the metric shows that the amount of SHIB scooped out of exchanges for buying purposes over the last 24 hours is massively larger than the amount of tokens returned to exchanges for sales over the same period.
With the difference being as large as over 131 billion tokens, it appears that traders are increasingly purchasing the leading meme token despite its ongoing price dip.
Although Shiba Inu might be trading in the red territory, this metric signals a potential price rally for SHIB, fueling confidence among traders.
Shiba Inu OI flips positive with 2.24% surge
Apart from the promising exchange flows, it appears that Shiba Inu is also flashing bullish signals across its derivatives market despite its current price dip.
Following the growing demand signaled by its exchange movements, it appears that futures traders are also opening new positions in expectations of a potential price rally.
Over the last 24 hours, the Shiba Inu open interest has flipped positive, surging decently by 2.24% as over 10.09 trillion SHIB have been staked in active contracts. Traders on MEXC showed the most interest with a 28.03% surge.
Source: https://u.today/shiba-inu-records-131-billion-in-24-hours-negative-netflow-signals-growing-demand
