Shiba Inu is showing signs of renewed demand after several days of bearish market activity. New on-chain data suggests that investors are moving large amounts of SHIB off exchanges, a signal often linked to buying pressure.
The broader crypto market recently faced sharp volatility. Bitcoin, major altcoins, and meme coins all dropped in price. Shiba Inu was part of that decline, but it has since staged a strong recovery.
According to data from CryptoQuant, Shiba Inu recorded a net exchange outflow of 212,479,300,000 SHIB on February 7. This means far more tokens were withdrawn from exchanges than deposited over the past 24 hours.
A negative netflow usually suggests that traders are buying and holding rather than preparing to sell. Both retail and larger investors appear to be accumulating SHIB as market sentiment improves.
Shiba Inu’s price surged more than 15% per day during its recent rebound. However, the rally has started to slow. Over the last 24 hours, SHIB posted a more modest gain of around 0.85%.
Despite the cooling pace, exchange data shows demand remains strong. Analysts say this could support another move higher if bullish momentum continues across the wider crypto market.
