Amid the intense selling pressure facing the broad crypto market, Shiba Inu appears to be showing a different signal, although its price action remains affected.
Latest onchain data from crypto analytics platform CryptoQuant shows that Shiba Inu has continued to raise doubts among traders following consistent rejection of expected breakouts, while exchange activity shows that bull traders are in action.
85 trillion SHIB left
Despite the broader crypto market selling pressure, the data shows that the amount of SHIB tokens held across all crypto exchanges has reduced to about 85 trillion SHIB as of October 31.
This marks a substantial decline from the 87 trillion zone seen in the previous days, suggesting that demand may be outweighing sell activity on the asset.
While this marks a decrease of about 0.007% in the Shiba Inu exchange reserve over the last 24 hours, it shows that traders are increasingly buying SHIB amid renewed interest in the leading meme token.
This comes as a surprise as the broader market trend still remains negative, drawing attention from market analysts as to whether SHIB might be preparing for a major price recovery.
Shiba Inu netflow flips negative
In addition to Shiba Inu's shrinking supply across all exchanges, the data further showed that the asset recorded a negative exchange netflow of 61.36 billion SHIB on the same day.
While this follows a decline of around 1% over the last day, it appears that demand has returned to the SHIB ecosystem and bull traders are participating.
With such a large negative outflow, it appears that the overall reserve could further fall to 84 trillion SHIB in the near future if buying continues.
