In a surprising turn of events, the Shiba Inu (SHIB) tokens have experienced a substantial withdrawal from centralized cryptocurrency exchanges. Notably, leading crypto analyst Ali Martinez reported an astounding outflow of 3.30 trillion SHIB tokens, equivalent to $28 million, during the month of July.
Shibarium Excitement Grows: 28 Million Dollars Worth of Shiba Inu Tokens Withdrawn from Exchanges
This move is often considered a signal of investors’ intent to hold assets for the long term. Surprisingly, despite this significant outflow, Shiba Inu‘s market position has remained unaffected. According to CoinMarketCap data, the meme coin continues to maintain a positive market trajectory and is on the brink of surpassing a $5 billion market capitalization, showing remarkable growth from its June standing below $4.5 billion. As of the time of writing, the coin is trading at $0.000008303.
Although the coin’s burn rate has recently witnessed a decline, there has been an interesting surge in the last 24 hours, with 97.5 million SHIB tokens sent to dead wallets, as reported by Shibburn, the SHIB burn portal. This surge represents a staggering 296% increase in the burn rate, with numerous transactions involving the destruction of several million tokens.
While the current numbers are impressive, they still appear low when compared to periods when nearly a billion SHIB tokens were burned. This intriguing development points to a dynamic yet stable scenario for Shiba Inu in the ever-evolving crypto market.
BONE Token Records Impressive Collateral Increase
Over the past week, Shiba Inu’s utility token, BONE, has witnessed a remarkable 20% increase in value, thanks to the recent announcement by Shytoshi Kusama, the project’s principal developer. Kusama revealed plans to mine the remaining BONE token supply as a strategic move ahead of the forthcoming launch of Shibarium, Shiba Inu’s layer 2 scaling solution.
Remarkably, while the broader market has been grappling with downward trends and corrections, Shiba Inu has been moving in the opposite direction, consistently rising in value. This cryptocurrency has shown significant growth in recent weeks, demonstrating its resilience and defying the general market tendencies.
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