• Shiba Inu's scale isn't bullish
• Network activity is coming back

 Shiba Inu's exchange netflow metric, which is currently at 62.15 billion SHIB and has changed by about 1.27 percent over the last 24 hours, indicates that the token is experiencing another surge in exchange-related activity. This corresponds to a change of about 1.2 billion SHIB. 

Shiba Inu's scale isn't bullish

Even though the amount seems significant on its own, it is still far too small to significantly alter SHIB's current market structure. The scale problem is the first issue. Because of Shiba Inu's massive circulating supply, transactions involving one or two billion tokens make up only a very small portion of the total SHIB supply. 

The accompanying data shows that there are approximately 999.98 trillion tokens in total supply. This is further illustrated by exchange reserves. There are still about 87.33 trillion SHIB on exchanges. In comparison, a daily change of 1.2 billion tokens is practically insignificant and unlikely to result in a significant supply shock. There is also variation in other exchange metrics.

Over the course of a day, exchange reserves grew by about 0.07%, while the seven-day moving average of mean exchange inflows increased by 4.16%. Although exchange movements do not always indicate that holders intend to sell, rising inflows can generate more potential sell-side liquidity because more tokens become available on trading platforms. 

Network activity is coming back

Activity on the network is marginally improving. The number of active sending addresses increased by about 1%, the total number of transactions increased by 1.1%, and the mean number of transfers increased by about 1.12%. Although these are positive developments, none of them constitutes the kind of demand growth needed to reverse SHIB's more significant decline. 

The price chart clearly illustrates that. SHIB is trading close to its short-term moving averages at $0.00000450, but it is still far below the 100-day average at $0.000492. At roughly $0.00000581, the 200-day moving average is still much higher. Following the late July spike, momentum has returned to neutral-bearish territory, as indicated by the RSI around 46. 

Billions of tokens passing through exchanges will not be sufficient on their own for SHIB to demonstrate a convincing recovery. In order to recover $0.0000049 and eventually challenge $0.0000058, the asset requires consistent spot demand. The most recent 1.2 billion SHIB shift is measurable. However, in comparison to the size of Shiba Inu's supply and exchange reserves, it is essentially background movement.

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