The outflows registered on August 23 were almost 870 billion SHIB, or 43% of the total withdrawals.
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 Other X users have speculated that such investors might soon move the withdrawn tokens to Shibarium addresses.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,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 killer trades at $0.00000795 , or 2% less than yesterday’s figure.
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