Shiba Inu Exchange Netflow Flips Bullish Amid Growing Demand

Shiba Inu's exchange netflow has turned bullish, according to data from CryptoQuant, indicating that more SHIB tokens are being moved out of exchanges than into them. This shift is significant, as it suggests growing demand for the asset.

The netflow saw a decline of over 9% in just 24 hours, resulting in a negative balance of 110.59 billion SHIB. This means that the amount of SHIB available for purchase across all exchanges has decreased substantially.

Shiba Inu's price has been largely in the red since the start of August, hovering around $0.0000045. However, momentum appears to be shifting as the shrinking exchange supply is followed by a decent increase in its price over the last day.

A 1.42% surge in Shiba Inu's price over the past day has seen it currently trading at $0.000004669, indicating rising investor confidence.