Shiba Inu Exchange Netflow Flips Bullish as Demand Rises
Shiba Inu's momentum is shifting, according to recent exchange activity data. The cryptocurrency has been experiencing mixed price actions since August began, but its exchange netflow has flipped bullish.
A negative balance of 110.59 billion SHIB indicates that more tokens are being moved out of exchanges than returned for sell-off purposes. This suggests a growing demand for the asset and a shrinking supply available on exchanges.
The Shiba Inu netflow saw a rapid decline of over 9% in just 24 hours, further indicating that investors are holding onto their SHIB tokens rather than selling them. The bullish trend is notable, especially after a prolonged volatile session with daily price declines.
While expectations were bearish for Shiba Inu this month, as historical data shows August to be the worst-performing month in previous years, momentum appears to be shifting already. The shrinking exchange supply has been followed by a decent increase in SHIB's price over the last day.