Shiba Inu continues to be among the most trending assets in the crypto world. This is mainly due to the anticipation of Shibarium‘s public launch and recent developments surrounding the Layer-2 scaling solution. The public release of Shiba Inu’s Layer-2 blockchain network, Shibarium, is expected, and token holders are expected to transition to this new network, which is seen as an important step for the future of the project.
Investors Withdraw 2 Trillion SHIB from Exchanges
While the Shiba Inu development team continues to work on different methods to enhance the stability and scalability of Shibarium, the delayed public launch has negatively affected the price of SHIB, a meme coin. As the price of SHIB continues to decline, Shiba Inu investors have withdrawn 2 trillion tokens from cryptocurrency exchanges. Ali Martinez, a prominent market observer, drew attention to this development.
The renowned crypto analyst revealed that 2 trillion SHIB tokens were withdrawn from exchanges between August 20 and August 27. To support this view, Ali Martinez shared a Santiment graph reflecting Shiba Inu’s supply on exchanges, which also included data on exchange outflows recorded between August 6 and August 27.
According to the graph, the highest SHIB exchange outflow occurred on August 23, with approximately 840 billion SHIB withdrawn from crypto exchanges on that day. It is also worth noting that around 762.25 billion SHIB were withdrawn from exchanges on August 22. The graph also revealed that on August 21, more than 110 billion SHIB tokens were moved from undisclosed exchange wallets.
Possible Effects on SHIB Price
The reasons behind these substantial outflows are unknown, but they indicate that investors intend to hold onto their assets in the long term. This can contribute to a decrease in selling pressure and potentially lead to price increases. A specific community member, who reacted positively to this development, claimed that investors are transferring their Shiba Inu tokens to Shibarium addresses.
In the midst of this development, as recently reported, block production has resumed on the Layer-2 network. Shiba Inu’s Layer-2 blockchain network, Shibarium, went live on GeckoTerminal and Coingecko over the weekend. The team also announced that the network is now publicly accessible.
