Shiba Inu is back in the green territory after a long week of mixed price actions, showing notable price declines on most of its trading days.
While momentum appears to be building again, its exchange activity confirms brewing demand, suggesting a gradual shift in market sentiment.
110 Billion SHIB exit exchanges
Per data provided by crypto analytics platform CryptoQuant, the Shiba Inu exchange netflow has flipped bullish, showing a negative balance of 110.59 billion SHIB.
This implies that the amount of SHIB tokens moved out of exchanges amid growing demand is significantly greater than the amount of SHIB returned to exchanges for sell-off purposes over the last day.
The bullish Shiba Inu exchange activity comes as the netflow saw a rapid decline of over 9% over the last 24 hours, suggesting that the amount of SHIB tokens available for purchase across all exchanges has reduced substantially.
The metric has drawn attention from market analysts as it is coming after a prolonged volatile session that saw the asset consistently register daily price declines.
Shiba Inu in August
Shiba Inu has been showing mixed price actions since the new month began, trading majorly in the red territory as its price continues to hover around $0.0000045.
Although expectations are quite bearish for Shiba Inu this month, as historical data shows that August has previously turned out to be the worst-performing month in previous years.
However, momentum appears to be shifting already as the shrinking exchange supply has been followed by a decent increase in its price over the last day.
Following a brief 1.42% surge in its price over the last day, Shiba Inu is currently trading at around $0.000004669 as investor confidence appears to be rising.
U.Today Editorial Team
Dan Burgin
