Shiba Inu Netflow Flips Bullish Amid Growing Demand

Shiba Inu's price has been showing mixed actions since the start of August, trading mostly in the red territory. However, recent data suggests that momentum is shifting towards a bullish trend.

The Shiba Inu exchange netflow has flipped positive, with a negative balance of 110.59 billion SHIB tokens moved out of exchanges over the last day. This indicates growing demand and a reduction in the amount of SHIB available for purchase across all exchanges.

According to CryptoQuant data, the netflow saw a rapid decline of over 9% over the last 24 hours, further confirming the bullish sentiment. Despite historical data showing August as the worst-performing month for Shiba Inu in previous years, the asset's price has increased by 1.42% over the last day.