{"id":545320,"date":"2023-08-02T01:09:33","date_gmt":"2023-08-02T01:09:33","guid":{"rendered":"https:\/\/wncen.com\/?p=545320"},"modified":"2024-06-11T07:47:28","modified_gmt":"2024-06-11T07:47:28","slug":"over-28-million-in-shib-withdrawn","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/over-28-million-in-shib-withdrawn\/","title":{"rendered":"Over $28 Million In SHIB Withdrawn From Exchanges Ahead Of Shibarium Launch"},"content":{"rendered":"

The Shibarium Layer-2 upgrade is launching any day now, and it looks like some big SHIB players are making moves ahead of the launch. According to on-chain data, over $28 million in SHIB tokens have been withdrawn from major crypto exchanges in the just concluded month of July.\u00a0<\/span><\/p>\n

Massive Withdrawals Signal Investor Interest in Shibarium<\/h2>\n

According to <\/span>data <\/span><\/a>shared on Twitter by crypto analyst Ali Martinez, backed up by on-chain chart data from IntoTheBlock, around 3.30 trillion SHIB were withdrawn from known crypto exchanges in July, the highest SHIB withdrawal rate in recent months. The chart\u2019s data also shows that the circulating supply of the token within exchanges fell from 86.69 trillion to around 83 trillion by the end of the month.<\/span><\/p>\n

Related Reading: USDT Issuer Tether Reports A 30% Decline In Profit<\/a><\/div>\n

July 19 saw the most significant withdrawal from exchanges, with more than two trillion tokens going into unknown wallets. According to on-chain <\/span>data <\/span><\/a>from @WhaleAlert, an Ethereum whale transferred 2.4 trillion SHIB tokens worth $18.7 million from Binance.US into an unknown wallet. With the price of the token up by 10% since then, the whale’s SHIB holding is now valued at more than $20 million.\u00a0<\/span><\/p>\n

These massive SHIB withdrawals can be traced to the announcement of the Layer 2 blockchain, Shibarium, which is expected to help minimize gas fees and increase the transaction speeds of the blockchain.<\/span><\/p>\n

\"Shiba<\/p>\n

Token price falls to $0.00000821 | Source: SHIBUSD on Tradingview.com<\/a><\/pre>\n
While there’s still no official launch date for Shibarium yet, the high rate of withdrawals likely signals that SHIB investors are reducing the selling pressure and want to hold their tokens in private wallets in hopes of what the Shibarium launch might bring.\u00a0<\/span><\/p>\n
Withdrawals From Exchanges Reduces Selling Pressure On SHIB<\/h2>\n
When SHIB is withdrawn from exchanges, it can\u2019t be readily sold. This reduces the available supply of SHIB for sale, putting upward pressure on the price. When whales transfer such high amounts into self-custody, it frequently results in massive price changes and a rise in interest from other investors. This flurry of withdrawal into self-custody demonstrates the strength of the SHIB community and their faith in SHIB\u2019s future.<\/span><\/p>\n
Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks<\/a><\/div>\n
The meme-inspired token has gained quite a lot of community and has led the entire crypto industry in gains for the past two weeks. Shibarium\u2019s launch is anticipated and SHIB holders want to make sure they capitalize on everything the new scaling solution will offer.\u00a0<\/span><\/p>\n
At the time of writing, SHIB’s market cap is nearing $5 billion after it recently retook the 14th position by market cap. The meme coin is trading at $0.000008314 and is up by 7.55% in the past seven days.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Shibarium Layer-2 upgrade is launching any day now, and it looks like some big SHIB players are making moves ahead of the launch. According to on-chain data, over $28 million in SHIB tokens have been withdrawn from major crypto exchanges in the just concluded month of July.\u00a0 Massive Withdrawals Signal Investor Interest in Shibarium According to data shared on Twitter by crypto analyst Ali Martinez, backed up by on-chain chart data from IntoTheBlock, around 3.30 trillion SHIB were withdrawn from known crypto exchanges in July, the highest SHIB withdrawal rate in recent months. The chart\u2019s data also shows that the circulating supply of the token within exchanges fell from 86.69 trillion to around 83 trillion by the end of the month. Related Reading: USDT Issuer Tether Reports A 30% Decline In Profit July 19 saw the most significant withdrawal from exchanges, with more than two trillion tokens going into unknown wallets. According to on-chain data from @WhaleAlert, an Ethereum whale transferred 2.4 trillion SHIB tokens worth $18.7 million from Binance.US into an unknown wallet. With the price of the token up by 10% since then, the whale’s SHIB holding is now valued at more than $20 million.\u00a0 These massive SHIB withdrawals can be traced to the announcement of the Layer 2 blockchain, Shibarium, which is expected to help minimize gas fees and increase the transaction speeds of the blockchain. Token price falls to $0.00000821 | Source: SHIBUSD on Tradingview.com While there’s still no official launch date for Shibarium yet, the high rate of withdrawals likely signals that SHIB investors are reducing the selling pressure and want to hold their tokens in private wallets in hopes of what the Shibarium launch might bring.\u00a0 Withdrawals From Exchanges Reduces Selling Pressure On SHIB When SHIB is withdrawn from exchanges, it can\u2019t be readily sold. This reduces the available supply of SHIB for sale, putting upward pressure on the price. When whales transfer such high amounts into self-custody, it frequently results in massive price changes and a rise in interest from other investors. This flurry of withdrawal into self-custody demonstrates the strength of the SHIB community and their faith in SHIB\u2019s future. Related Reading: Is It A Good Idea To Buy Curve Now? Here\u2019s What This Founder Thinks The meme-inspired token has gained quite a lot of community and has led the entire crypto industry in gains for the past two weeks. Shibarium\u2019s launch is anticipated and SHIB holders want to make sure they capitalize on everything the new scaling solution will offer.\u00a0 At the time of writing, SHIB’s market cap is nearing $5 billion after it recently retook the 14th position by market cap. The meme coin is trading at $0.000008314 and is up by 7.55% in the past seven days. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,88999,85817,88998,83667,84562,84558],"class_list":["post-545320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-exchange-balances","tag-shib-whales","tag-shib-withdrawals","tag-shiba-inu","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nOver $28 Million In SHIB Withdrawn From Exchanges Ahead Of Shibarium Launch<\/title>\n<meta name=\"description\" content=\"The Shibarium Layer-2 upgrade is launching any day now, and it looks like some big SHIB players are making moves ahead of the launch.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Over $28 Million In SHIB Withdrawn From Exchanges Ahead Of Shibarium Launch","url":"http:\/\/wncen.com\/news\/shiba-inu-coin\/over-28-million-in-shib-withdrawn\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inu-coin\/over-28-million-in-shib-withdrawn\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1362613000.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1362613000.jpg?fit=2121%2C1414"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["shib","shib exchange balances","shib whales","shib withdrawals","shiba inu","shibusd","shibusdt"],"dateCreated":"2023-08-02T01:09:33Z","datePublished":"2023-08-02T01:09:33Z","dateModified":"2024-06-11T07:47:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Over $28 Million In SHIB Withdrawn From Exchanges Ahead Of Shibarium Launch\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/over-28-million-in-shib-withdrawn\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/over-28-million-in-shib-withdrawn\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1362613000.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1362613000.jpg?fit=2121%2C1414\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"shib\",\"shib exchange balances\",\"shib whales\",\"shib withdrawals\",\"shiba inu\",\"shibusd\",\"shibusdt\"],\"dateCreated\":\"2023-08-02T01:09:33Z\",\"datePublished\":\"2023-08-02T01:09:33Z\",\"dateModified\":\"2024-06-11T07:47:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1362613000.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545320"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=545320"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/545328"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=545320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=545320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=545320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}