Investors Withdraw 2 Trillion SHIB Tokens, Worth $16 Million
The crypto analyst Ali has reported that investors have pulled a significant amount of 2 trillion SHIB tokens from exchange wallets in the past week. This withdrawal is equivalent to almost $16 million. The majority of the outflows occurred on August 22 and August 23, making up around 80% of the total amount.
Key Points:
– Over 80 trillion Shiba Inu tokens, equaling approximately $635 million, are currently held on cryptocurrency exchanges.
– SHIB experienced a price spike during the week, which may have contributed to the increased number of withdrawals.
– Speculation among X users suggests that the withdrawn tokens may be moved to Shibarium addresses. The layer 2 blockchain network, which aims to enhance transaction speed and lower costs, recently launched.
– Removing tokens from exchanges and opting for self-custody methods is typically seen as a positive indicator for a coin’s price, as it reduces immediate selling pressure.
– It will be interesting to see if SHIB’s valuation increases in the future, considering these developments. Currently, it trades at $0.00000795, slightly lower than the previous day.
Hot Take:
The significant withdrawal of 2 trillion SHIB tokens from exchange wallets indicates a possible shift towards self-custody methods and a bullish sentiment for SHIB’s price. With the launch of the Shibarium network, which aims to improve transaction speed and reduce costs, the future of SHIB looks promising. However, it remains to be seen whether these developments will positively impact SHIB’s valuation in the near future.
By
By
By
By
By