Despite the declines experienced in SHIB price over the past couple of weeks, the dog-themed crypto asset still seems to attract investors’ interest.
Per a recent discovery, Shiba Inu’s statistics for the past week have revealed that 2 trillion SHIB coins reportedly flowed out of exchanges.
Renowned crypto market watcher Ali Martinez noticed the Shift in Shiba Inu’s market activities and called the attention of his teeming Twitter followers to the trend.
2 Trillion SHIB Left Exchanges
Describing Shiba Inu outflows from exchanges within a time frame from August 6 to August 27, Martinez adopted a Santiment chart, which reflected Shiba Inu’s tokens movements within the specified period.
#ShibaInu | A staggering 2 trillion $SHIB tokens have been pulled from known #crypto exchange wallets just this past week. pic.twitter.com/MiWMNUp7jY
— Ali (@ali_charts) August 27, 2023
According to the Santiment chart, approximately 762.25 billion SHIB moved out of crypto on August 22. Also, on August 21, more than 110 billion SHIB tokens were transferred from different yet-to-be-identified crypto exchange wallets.
The largest among the transfers was initiated on August 23. It involved the shifting of about 840 billion SHIB.
Bullish or Bearish for Shiba Inu (SHIB)
In the crypto sphere, the only significant factor that could result in spontaneous and massive coin outflows like this one could be a rising bullish sentiment for any asset involved.
So, the surge in Shiba Inu (SHIB) exchange outflows implies that more investors are accumulating the digital asset to hodl.
The growing desire among Shiba Inu investors to purchase the crypto asset for the long term would ultimately reduce selling pressure, which would impact its price in the long run.
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Shibarium Finally Relaunches For Public Use
After a few days of operating in private mode, Shiba Inu’s lead developer, Shytoshi Kusama, announced Shibarium’s second release today, as reported by TimesTabloid.
Kusana noted via a blog post that as of August 28, the Shibarium boasts more than 65,000 wallets and 350,000 transactions.
Shibarium’s second release implies hope for Shiba Inu’s anticipated rally still abounds. The Layer-2 scaling technology network was marked to be the game changer in the Shiba Inu ecosystem, especially with its burn capacity.
However, Shiba Inu seemed to decline further despite the Shibarium relaunch. Per CoinGecko, SHIB’s price at press time is $0.00000801, reflecting a 0.9% decrease.
Describing what could be the cause for the fall in SHIB’s price despite the Shibarium’s official second launching, Lucie, a Shiba Inu development team member, noted that the prevailing bearish market outlook is hovering around every crypto project, adding that top crypto projects like Bitcoin (BTC) are currently facing similar trend.
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