In a surprising turn of events, the mysterious cryptocurrency Shiba Inu has experienced a significant token exodus from centralized crypto exchanges, according to notable crypto analyst Ali Martinez.
Martinez’s analysis reveals an astounding withdrawal of 3.30 trillion Shiba Inu (SHIB) tokens from established exchanges during July, amounting to an impressive $28 million in value.
To support his findings, Martinez references data from the renowned crypto intelligence firm Santiment, which presents a compelling market chart illustrating Shiba Inu’s trajectory on exchanges throughout the past month.
The market chart data indicates a substantial reduction in Shiba Inu’s circulating supply on exchanges, dropping from about 87 trillion tokens at the end of June to approximately 83.39 trillion tokens by the close of July.
Of particular significance is the massive withdrawal that occurred on July 19, when at least two trillion SHIB tokens were pulled from exchanges.
Historically, investors, especially prominent holders known as whales and sharks, have withdrawn their tokens from exchanges as part of a strategy to hold them for an extended period. These tokens are often moved to secure cold wallets, thereby reducing selling pressure and contributing to potential price appreciation. The massive outflow of SHIB tokens suggests that these investors may be pursuing a long-term holding (HODL) approach, signaling positive sentiments for the cryptocurrency.
Shiba Inu’s Resilient Price Performance
Despite the substantial withdrawals, Shiba Inu’s price performance remains resilient. Data from CoinMarketCap demonstrates the cryptocurrency’s positive trajectory over the past month, with its market capitalization poised to cross the $5 billion mark, a significant increase from below $4.5 billion in June.
Adding to the optimism, Santiment’s report identifies SHIB as an unexpected winner during a lackluster trading week. Crypto sharks and dolphins have accumulated around 1.1 trillion SHIB tokens, valued at $9 million, in just two months.
The significant token exodus and the cryptocurrency’s strong price performance have left market participants intrigued. As the crypto community closely monitors Shiba Inu’s developments, anticipation grows for potential further bullish trends that may shape its future in the dynamic world of digital assets.
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