Shibarium Anticipation Climbs As $28M Worth of Shiba Inu Tokens Exit Exchanges

In an unexpected turn of events, Shiba Inu (SHIB) tokens have seen an immense outflow from centralized cryptocurrency exchanges. Leading crypto analyst Ali Martinez has reported that a staggering 3.30 trillion SHIB tokens, equivalent to $28 million, were withdrawn from these exchanges in July.

Shiba INU Holds Still

This move, often indicative of an intention to hold assets for the long term, has surprisingly not impacted Shiba Inu’s market position. Data from CoinMarketCap reveals that the meme coin has maintained a positive market trajectory, on the verge of surpassing a $5 billion market cap, marking a significant rise from its June standing below $4.5 billion. The coin is trading at $0.000008303, at the time of writing.

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Although the coin’s burn rate has seen a recent decline, the last 24 hours recorded 97.5 million SHIB tokens being sent to dead wallets, according to Shibburn, the SHIB burn portal. This increase has seen the burn rate surge by over 296%, with numerous transactions involving the burning of several million tokens.

Despite the impressive numbers, they remain low when compared to periods where close to a billion SHIB were burned. The intriguing development suggests a dynamic, yet stable scenario for Shiba Inu in the crypto market.

Also Read: Nomura Subsidiary Strikes Gold With Full Crypto License In Dubai

BONE Token Witnesses Collateral Gains

Shiba Inu’s utility token, BONE, has increased in value by over 20% over the past week as a result of Shytoshi Kusama, the project’s principal developer, announcing plans to mine the remaining BONE token supply. This action is being taken in advance of the future release of Shibarium, Shiba Inu’s layer 2 scaling solution.

Shiba Inu has constantly risen in the other direction while the majority of the market has been battling downward trends and corrections. The cryptocurrency has significantly increased over the past few weeks, defying the general market tendencies.