Renowned analyst Ali Martinez reveals Shiba Inu’s staggering 3.30 trillion SHIB token withdrawal in July, backed by Santiment data.
In a surprising revelation, renowned crypto analyst Ali Martinez reports that the enigmatic cryptocurrency Shiba Inu has experienced a massive withdrawal of tokens from centralized crypto exchanges. The data presented by Martinez points to a staggering 3.30 trillion Shiba Inu (SHIB) tokens being moved out of exchanges during the month of July, amounting to an impressive $28 million in value.
Backing up his findings, Martinez refers to data provided by the esteemed crypto intelligence firm, Santiment. The market chart produced by Santiment further illustrates Shiba Inu’s trajectory on exchanges throughout the past month, revealing a substantial reduction in its circulating supply. From approximately 87 trillion tokens at the end of June, the number of SHIB tokens on exchanges plummeted to about 83.39 trillion tokens by the end of July.
The most striking move occurred on July 19, with at least two trillion SHIB tokens being withdrawn from exchanges. Such large-scale withdrawals are often associated with long-term holding (HODL) strategies, wherein investors, especially influential holders like whales and sharks, secure their tokens in cold wallets to reduce selling pressure and potentially boost prices.
Shiba Inu’s Price Performance Defies Token Exodus
Remarkably, despite the significant token exodus, Shiba Inu’s price performance has remained resilient. CoinMarketCap data demonstrate a positive trajectory over the past month, with the cryptocurrency’s market capitalization set to surpass $5 billion, a notable increase from its value below $4.5 billion in June.
Adding to the optimism, Santiment’s report highlights Shiba Inu as an unexpected winner during a lackluster trading week. Crypto sharks and dolphins have accumulated a substantial amount of SHIB tokens, approximately 1.1 trillion tokens valued at $9 million, within a mere two months.
The significant token exodus and Shiba Inu’s resilient price performance have caught the attention of the crypto community. As investors and enthusiasts closely monitor developments surrounding cryptocurrency, anticipation builds for potential further bullish trends that may shape its future in the dynamic world of digital assets.
With its enigmatic nature and passionate community, Shiba Inu continues to be a captivating force in the ever-evolving cryptocurrency landscape. As the token exodus unfolds, experts and market participants eagerly await further clues that may shed light on the long-term vision for this unique digital asset.