78 Billion Shiba Inu Netflow Triggers Brief Price Recovery

The broad crypto market is regaining momentum and Shiba Inu is also having its own share of the rally as sentiments appear to be flipping bullish once again. Amid the broader market resurgence, data from crypto analytics platform CryptoQuant shows that demand is returning to the Shiba Inu ecosystem. Notably, the data shows Shiba Inu bull traders are taking over its exchange activity as its netflow shows a substantial decline of over 5%, now sitting at -78,761,600,000 SHIB as of October 16. This decline in the exchange netflow signals growing demand as it shows that the total number of SHIB withdrawn from exchanges for holding purposes is substantially higher than the amount of SHIB sold over the last 24 hours.

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