The crypto analyst going on X (formerly Twitter) under the name Ali revealed that investors have withdrawn a substantial amount of two trillion SHIB tokens last week.
The stash equals almost $16 million (calculated at current rates).
- According to Ali’s chart, outflows have been the highest on August 22 and August 23, accounting for around 80% of the total amount.
- Currently, there are over 80 trillion Shiba Inu tokens sitting on cryptocurrency exchanges, equaling approximately $635 million.
- It is worth mentioning that SHIB went through a brief price spike in the middle of the week, which could be one reason for the larger number of withdrawals.
- Other X users have speculated that such investors might soon move the withdrawn tokens to Shibarium addresses. The layer 2 blockchain network, which aims to increase transaction speed, lower costs, and elevate the memecoin above its rivals, went live today (August 28).
- Taking tokens off exchanges and moving to self-custody methods is usually viewed as a bullish factor for a coin’s price since the fewer coins sitting on trading platforms means less immediate selling pressure.
- It will be interesting to follow if SHIB’s valuation will go up in the near future, considering the aforementioned developments. As of the moment, the self-proclaimed Dogecoin (DOGE) killer trades at $0.00000795 (per CoinGecko’s data), or 2% less than yesterday’s figure.
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