Dubai-Based Crypto Exchange Promotes Shiba Inu
Coinswapz, a leading cryptocurrency exchange in Dubai, has shown support for Shiba Inu (SHIB) by promoting the altcoin in the country. The Shiba Inu community noticed that the exchange was advertising SHIB at the entrance of its office located in the Moon Tower complex in Marina Dubai.
An enthusiast shared this development with the SHIB community on X (formerly Twitter), along with a video clip showing the SHIB logo displayed alongside Bitcoin (BTC) on a banner welcoming users to their over-the-counter trading business.
Coinswapz’s decision to promote Shiba Inu alongside Bitcoin suggests that SHIB is a popular choice among cryptocurrency investors in Dubai. This could be attributed to the meme coin’s widespread adoption in the country.
SHIB Balance On Exchanges Sees Notable Drop
Recent data reveals that Shiba Inu has witnessed significant withdrawals from crypto exchanges. Crypto analyst Ali highlighted this development on X, stating that there has been a massive withdrawal of over 8 trillion SHIB from exchanges since November.
The “Balance on Exchanges” metric, which tracks the total quantity of SHIB stored in centralized exchange wallets, is relevant here. An increase in this indicator suggests that investors are depositing more coins into exchanges. However, this trend may negatively impact SHIB’s price as selling could be one of the primary reasons behind these moves.
Conversely, a downward trend indicates net withdrawals to self-custodial wallets, which could indicate accumulation by holders. Such movement may have positive implications for the long-term value of SHIB.
Hot Take: Shiba Inu Gains Traction in Dubai’s Crypto Market
Shiba Inu’s popularity continues to grow in Dubai’s crypto market, as evidenced by Coinswapz’s promotion of the meme coin alongside Bitcoin. This move highlights the significant adoption of SHIB among cryptocurrency investors in the city.
Moreover, Shiba Inu’s recent withdrawal trend from exchanges indicates potential accumulation by holders, which could positively impact its long-term value. As Dubai remains a global hub for blockchain companies, SHIB’s evolution from a meme coin to a complete blockchain system positions it for even greater adoption and success in the future.
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