Over $28 Million In SHIB Withdrawn From Exchanges Ahead Of Shibarium Launch
02 August 2023 - 11:09AM
NEWSBTC
The Shibarium Layer-2 upgrade is launching any day now, and it
looks like some big SHIB players are making moves ahead of the
launch. According to on-chain data, over $28 million in SHIB tokens
have been withdrawn from major crypto exchanges in the just
concluded month of July. Massive Withdrawals Signal Investor
Interest in Shibarium According to data shared on Twitter by crypto
analyst Ali Martinez, backed up by on-chain chart data from
IntoTheBlock, around 3.30 trillion SHIB were withdrawn from known
crypto exchanges in July, the highest SHIB withdrawal rate in
recent months. The chart’s data also shows that the circulating
supply of the token within exchanges fell from 86.69 trillion to
around 83 trillion by the end of the month. Related Reading: USDT
Issuer Tether Reports A 30% Decline In Profit July 19 saw the most
significant withdrawal from exchanges, with more than two trillion
tokens going into unknown wallets. According to on-chain data from
@WhaleAlert, an Ethereum whale transferred 2.4 trillion SHIB tokens
worth $18.7 million from Binance.US into an unknown wallet. With
the price of the token up by 10% since then, the whale’s SHIB
holding is now valued at more than $20 million. These massive
SHIB withdrawals can be traced to the announcement of the Layer 2
blockchain, Shibarium, which is expected to help minimize gas fees
and increase the transaction speeds of the blockchain. Token price
falls to $0.00000821 | Source: SHIBUSD on Tradingview.com While
there’s still no official launch date for Shibarium yet, the high
rate of withdrawals likely signals that SHIB investors are reducing
the selling pressure and want to hold their tokens in private
wallets in hopes of what the Shibarium launch might bring.
Withdrawals From Exchanges Reduces Selling Pressure On SHIB When
SHIB is withdrawn from exchanges, it can’t be readily sold. This
reduces the available supply of SHIB for sale, putting upward
pressure on the price. When whales transfer such high amounts into
self-custody, it frequently results in massive price changes and a
rise in interest from other investors. This flurry of withdrawal
into self-custody demonstrates the strength of the SHIB community
and their faith in SHIB’s future. Related Reading: Is It A Good
Idea To Buy Curve Now? Here’s What This Founder Thinks The
meme-inspired token has gained quite a lot of community and has led
the entire crypto industry in gains for the past two weeks.
Shibarium’s launch is anticipated and SHIB holders want to make
sure they capitalize on everything the new scaling solution will
offer. At the time of writing, SHIB’s market cap is nearing
$5 billion after it recently retook the 14th position by market
cap. The meme coin is trading at $0.000008314 and is up by 7.55% in
the past seven days. Featured image from iStock, chart from
Tradingview.com
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