Shiba Inu (SHIB) surged on the day, following a broader recovery in the crypto market. Exchange outflows and rising user activity appear to be key factors driving the rebound. CryptoQuant data indicates a notable depletion of SHIB reserves on exchanges, suggesting holders prefer self-custody. Increased accumulation and active addresses hint at a potential shift toward bullish momentum in the meme coin.
Exchange Outflows Signal Holder Confidence
Data from CryptoQuant shows that over the past 24 hours, a net total of 97,177,600,000 SHIB tokens flowed out of exchanges. Negative netflows indicate that outflows exceed inflows, reducing immediate selling pressure while signaling long-term holding intentions. Analysts interpret these outflows as accumulation, reflecting confidence in SHIB’s mid- and long-term prospects.
Despite SHIB’s recent gains, the coin remains down 59% from its September peak of $0.0000148. It has also experienced seven consecutive monthly drawdowns since last August. CryptoQuant suggests that this accumulation near local support levels may indicate that bearish momentum is weakening, setting the stage for a sustained recovery if the trend continues.
Rising Active Addresses and Network Adoption
Active addresses in the Shiba Inu ecosystem increased by 1.08% in the past 24 hours, reaching 150,375. Active sending addresses also rose by 1.17% to 92,875, reflecting increased movement within the network. The overall growth aligns with ongoing adoption trends, as SHIB consistently adds between 5,000 and 12,000 new addresses monthly.
The number of holders has now surpassed 1.55 million, highlighting strong user engagement. Analysts point out that a combination of accumulation and rising activity suggests that market control may be shifting to bulls. Continued user participation and steady accumulation could provide the necessary catalyst for a meaningful upward price movement.
The current Shiba Inu price trades around $0.00000604, gaining 4.70% in the past 24 hours.
Shiba Inu Price Eyes Bullish Breakout on 1-Day Chart
Shiba Inu appears to be finally breaking out of a descending trendline on the 1-day chart, signaling a potential shift in momentum. Price action shows buyers attempting to push higher after a prolonged decline. Immediate resistance stands near $0.00000616, while key support remains around $0.00000578, where recent demand emerged.
The RSI is near 53, slightly above the signal line around 49.93, indicating improving bullish momentum. This level suggests neutral conditions with a slight buying bias. Meanwhile, the MACD lines are converging near the zero level. The shrinking histogram signals fading bearish pressure and a possible bullish crossover.
Source: https://coinpaper.com/15844/shiba-inu-price-rebounds-amid-exchange-outflows-and-rising-network-activity
