Shiba Inu is once again treading on the path to a major price recovery after recent activities on all supported exchanges show that bulls are taking over.
While the recent Clarity Act setback has caused the broad crypto market to go into a sudden bear mode, major crypto assets including Shiba Inu saw their prices decline massively.
Shiba Inu netflow flips positive
According to data provided by CryptoQuant, the Shiba Inu exchange activity over the last 24-hour period suggests that the negative trend in the SHIB price, which was caused by the Senate's failure to pass the Clarity Act bill, has been short-lived.
Over the last day, Shiba Inu has seen bull traders overtake its exchange activity as its netflow shows a substantial decline of about 5%, now sitting at a massive -202,237,600,000 SHIB as of September 17.
This shows that the number of SHIB tokens sent to all supported exchanges, including Binance, for sell-off purposes is substantially lower than the amount of tokens moved out of the exchanges by over 202 billion SHIB.
Shiba Inu price outlook
Notably, the negative Shiba Inu netflow balance provides a bullish outlook for the leading meme token as it typically indicates that buyers are dominating the market.
This bullish exchange activity has further influenced SHIB's price action as the asset is seen trading at around $0.000005103, following an increase of over 7% over the last day.
The bullish reversal in the Shiba Inu price and exchange trend further supports the view of market experts who have stated that the Clarity Act failure is not a limitation for the broad crypto market and that major crypto assets could thrive whether or not the bill is passed.
Dan Burgin
U.Today Editorial Team
