Shiba Inu Sees 7% Price Surge as Netflow Points to Renewed Bullish Momentum
Shiba Inu's price surged over 7% in the last 24 hours as a negative netflow of -202,237,600,000 $SHIB tokens across cryptocurrency exchanges suggests renewed bullish momentum.
The token's rebound comes after a 180-degree shift in its trajectory following confirmation of the massive drop in netflow. According to CryptoQuant data, the centralized exchange netflow balance stood at -202,237,600,000 $SHIB during trading on Thursday, September 17.
This negative netflow represents an approximate 5% contraction in the metric compared to the previous reading and indicates that token withdrawals to external wallets outpaced deposits intended for sale on platforms like Binance. Industry experts point out that this behavior suggests buying pressure has regained operational control following several days of volatility.
The on-chain movement exerted direct upward pressure on the crypto asset's price, with the price gaining 7.1% to reach $0.000005103. This recovery stands in contrast to the landscape observed just five days earlier when a positive netflow triggered an immediate 0.45% correction due to selling pressure.
Market analysts argue that Shiba Inu's underlying performance can remain largely independent of isolated legislative roadblocks, such as the stalling of the Clarity Act in the U.S. Senate. The token continues to see sustained activity within its decentralized ecosystem, with factors like Shibarium and the token burn contract driving down circulating supply over the medium term.