Shiba Inu saw over 28.3 billion tokens withdrawn from exchanges in 24 hours, price fell 1.28%

Shiba Inu continued its downward trajectory as volatility persisted across the cryptocurrency market. Despite this trend, on-chain exchange data suggested growing demand for the token over the past 24 hours. While no clear price recovery was visible, the rising volume of tokens leaving exchanges pointed to weakening selling pressure.Negative net exchange flow draws attentionPrice recovery remains elusiveAnalysts track ongoing demand Negative net exchange flow draws attentionAccording to CryptoQuant data, Shiba Inu’s net exchange flow on Saturday, June 20, was negative 28,304,500,000 SHIB. This figure indicates that in the past day, the number of SHIB withdrawn from exchanges for purchasing purposes exceeded the amount sent back for sale by more than 28.3 billion tokens.Glossary: CryptoQuant is an analytics platform that monitors the crypto market via on-chain data and exchange flows. A negative net exchange flow generally means assets are being withdrawn from exchanges, signaling that short-term selling momentum may be easing.Although overall sentiment in the market remained somewhat positive, there was renewed interest from traders in SHIB, one of the leading meme tokens. Selling pressure that recently dominated has now given way to a more balanced outlook, and this uptick in demand is seen as a bullish signal for a potential price rebound. CryptoQuant data reveals that, in the past 24 hours, withdrawals of SHIB from exchanges for buying purposes surpassed exchange deposits for selling by more than 28.3 billion tokens.Price recovery remains elusiveStill, this shift has yet to reflect on SHIB’s price. At the time of reporting, SHIB was trading at $0.000004710, down 1.28% in the past 24 hours. This highlights a disconnect between rising on-chain demand and short-term pricing in the market.Meanwhile, the broader cryptocurrency market showed modest signs of recovery. While major assets such as Bitcoin and XRP posted slight gains, SHIB lagged behind these movements. However, the change in exchange flow has fueled expectations that investors are starting to accumulate tokens.Analysts track ongoing demandMarket observers noted that if current demand persists, Shiba Inu could soon move back into positive territory. For this scenario to play out, continued outflows from exchanges and supportive general market conditions will be crucial.While a strong recovery in price has not yet materialized, rising demand and easing selling pressure lay the groundwork for a potential reversal in Shiba Inu’s direction.Shiba Inu, an Ethereum-based meme token known for its enthusiastic community, saw a notable shift in investor behavior despite near-term price weakness. The latest data underscores a change in dynamics, suggesting that, even under prevailing pressure, some market players are positioning themselves for a possible turnaround.Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.