Hello, -hman-.
Drying out your iPhone to see how it acts is a good idea. That said, if you only see the flashing Apple logo, there is a chance it was damaged by the liquid exposure. iPhones are equipped with Liquid Contact Indicators (LCIs) that you can see from the outside. This article explains how to check if that has been activated: Water and other liquid damage to iPhone or iPod isn't covered by warranty - Apple Support.
This article may also help with the Apple logo screen you see: If your iPhone is stuck on the Apple logo - Apple Support.
If the issues persist and you need to look into possible service for the iPhone, start here for that: iPhone Repair - Official Apple Support.
Let us know if we can help with anything else at all or if this doesn't settle your issue. Thanks and have a fabulous day!