Eight trillion SHIB Removed from Exchanges Indicates a Change in Investor Approach

Image: SHIB . Source:pintu.co.id.

The meme coin Shiba Inu (SHIB) has undergone significant changes in its market dynamics. According to Coinedition, on-chain Glassnode data reveals that since November 2023, approximately 8 trillion SHIB tokens, equivalent to around US$88 million, have been withdrawn from exchange wallets to private wallets.

As per Glassnode's current data, there are still about 160 billion SHIB tokens held in crypto exchanges out of the total circulating supply of 583.4 trillion SHIB tokens. This shift may indicate growing confidence in the long-term potential of Shiba Inu, leading investors to opt for more secure private wallets.
Image: SHIB Supply on Crypto Exchanges. Source: Coinedition.

Distribution and Increase in SHIB Token Transactions

The withdrawal of billions of SHIB tokens is accompanied by increased transaction activity, both among retail investors and whales. This suggests diversified activity within the Shiba Inu trading community.

According to u.today, IntoTheBlock data reveals a 25.71% increase in transactions ranging from US$0.00 to US$1 over a 30-day period. Additionally, transactions exceeding US$1 million have seen a surprising 150% increase.
DeFi tracking service Lookonchain has observed accumulation trends by whales, including Tron founder Justin Sun and other high-net-worth individuals. For instance, a new wallet labeled "0xa656" transferred 237.87 billion SHIB from Binance. Furthermore, two wallets potentially owned by the same investor acquired 850 billion SHIB, investing over US$7.5 million.

This reflects active participation from both retail and large-scale investors in Shiba Inu, illustrating a diverse demographic. Transaction trends and the distribution of Shiba Inu could also serve as indicators of changing perspectives or strategies among crypto asset investors.

Recent Developments in Shiba Inu

Recent developments contributing to positive sentiment and confidence in the Shiba Inu project include the launch of Shibarium, a layer 2 platform aiming to enhance scalability and coin efficiency. The introduction of the .shib domain adds a new dimension to the Shiba Inu ecosystem, providing unique identity and branding opportunities in the crypto space.

Positive sentiment towards Shiba Inu has also grown following Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, suggesting a potential 99.9% reduction in circulating token supply after facing criticism from a community member. If realized, the circulating supply of SHIB, currently around 580 trillion tokens, would be reduced to 580 billion tokens.

The Shiba Inu community has expressed optimism about the possibility of a substantial token burn, although the impact on the token's market performance remains speculative. This move has the potential to increase scarcity and the remaining value of SHIB tokens.

Disclaimer

The content's only purpose, regardless of the data and/or information type, is to offer references and information. It is NOT a recommendation or advice for trading or investing. This article's content does not encourage, suggest, offer, or endorse the purchase or sale of any cryptocurrency assets. All financial markets carry risks, and trading cryptocurrencies is no exception. Trading might result in losses. Make sure you do your homework before investing any money. The investor makes all trading and investment selections after fully comprehending the risks and rewards associated with each option.

Source: Coininvestasi