Shiba Inu Exchange Netflow Flips Bullish Amid Growing Demand
Shiba Inu's exchange netflow has flipped bullish, indicating growing demand for the asset. According to data from CryptoQuant, a negative balance of 110.59 billion SHIB tokens has been observed on exchanges. This suggests that more SHIB tokens have left exchanges than returned, implying increased interest in buying rather than selling.
The metric has seen a significant decline over the last 24 hours, with a drop of over 9%. Despite this, the price of Shiba Inu has shown a decent increase, surging by 1.42% in the past day and trading at around $0.000004669.
This development comes after a prolonged volatile session that saw daily price declines for Shiba Inu. However, momentum appears to be shifting as the shrinking exchange supply is followed by an upward trend in prices.