SHIB Surges 44.1% in Q3 Despite Massive Exchange Outflows

Shiba Inu (SHIB) had a strong quarter, gaining 44.1% in Q3 after advancing in each month.

The cryptocurrency rose 12.2% in July and 7.55% in August before increasing by 19.4% in September.

This is notable because the average return for SHIB in September has historically been a decline of 5.5%.

Despite its gain, SHIB experienced significant net outflows from exchanges, with over 74 billion tokens leaving exchange wallets.

The broader cryptocurrency market also recovered during the quarter, but no specific catalyst is identified for SHIB's monthly gains.