Trillions Of Shiba Inu Tokens Leave Crypto Exchanges — SHIB Price Reacts

Trillions Of Shiba Inu Tokens Leave Crypto Exchanges — SHIB Price Reacts
фото показано с : zycrypto.com

2023-8-30 19:05

Last week, Shiba Inu (SHIB), the second largest meme coin by market capitalization, experienced a significant extraction of over 2 trillion SHIB tokens, sparking controversy within the crypto community regarding the token holders and their intentions.

According to on-chain data published on Twitter (X) by the cryptocurrency analyst Ali, the number of SHIB tokens deposited on exchanges decreased from around 82 trillion to the current value of 80.77 trillion on August 22nd.

#ShibaInu | A staggering 2 trillion $SHIB tokens have been pulled from known #crypto exchange wallets just this past week. pic.twitter.com/MiWMNUp7jY

— Ali (@ali_charts) August 27, 2023

This substantial token extraction was accompanied by a 10% price surge over the past week, with the price rising from a low of $0.00000757 to a value of $0.00000835.

Why are investors withdrawing their tokens from exchanges?

As recently reported by ZyCrypto, the Shiba Inu development team is working to elevate the project’s status from being a mere meme coin without utility to becoming an integrated ecosystem featuring decentralized applications that contribute real value to the crypto landscape.

It remains unclear who is behind these extractions or why they decided to withdraw such a significant number of tokens from exchanges. Speculations range from investors possibly waiting for a token rebound when the crypto market recovers while others continue to predict the decline of the meme coin.

What is certain is that the withdrawal occurred one week after the launch of Shibarium, a layer-2 network developed by the Shiba Inu community on the Ethereum blockchain, designed to address scalability issues for the token.

Shibarium Bounces Back With Improved Scalability

The loss or locking up of more than 1.7 million Ethereum during the launch presented a considerable scalability issue, leading to the closure of Shibarium until August 28th. It was subsequently reopened with assistance from Polygon, which provided resources and direct support to resolve the problem and ensure the success of the relaunch.

According to the developers, the problem stemmed from excessive server load on the network, resulting in operational limits being exceeded.

Fund withdrawals from Shibarium to Ethereum are now available after two weeks of work. Transaction processing times vary depending on the token, ranging from 4 to 45 hours. However, withdrawals of BONE, the native currency of the network, can take up to 7 days to process.

As of the time of writing, the price of SHIB remains at $0.00000815, having seen a 1% increase over the last 24 hours and nearly 3% over the past 7 days, as shown by CoinGecko’s data.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

SHIBA INU (SHIB) на Currencies.ru

$ 0 (+1.82%)
Объем 24H $11
Изменеия 24h: 8.92 %, 7d: 2.86 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 3428
Доступно / Всего 0 SHIB

shib tokens crypto inu shiba within extraction

shib tokens → Результатов: 126


Фото:

Massive SHIB Burn Expected As Shiba Inu Prepares To Advance Into Trillion-Dollar Metaverse

Shiba Inu could soon turn its focus into blockchain gaming in a watershed moment expected to greatly reduce the number of tokens in circulation, sending prices north. In a recent reveal by one of the token’s leading developers, Shytoshi Kusama, the development which he termed as the “future of gaming” was poised to be a […]

2021-12-6 10:24


Фото:

Canadian Medical Startup Acquires 31 Billion SHIB Tokens — Will Now Accept Shiba Inu Payments

Leading Canada-based online medical service provider ‘Ask The Doctor’ on Wednesday announced that it had added $1.5 Million worth of Shiba Inu to its balance sheet. According to the disclosure, the foray saw the healthcare startup acquire approximately 31 Billion SHIB via Kraken exchange as the firm prepares to start accepting the token as a […]

2021-12-2 23:31


Фото:

Crypto Rewards Platform Ethernal Launches Sale on PancakeSwap

Ethernal, the first community-driven DeFi token to generate rewards in the form of any major cryptocurrency, launched its token sale on PancakeSwap. For the first time, DeFi staking and other rewards can be made available in the user’s choice of crypto (BTC, ETH, SHIB, other BEP-20 tokens) thanks to Ethernal’s innovative smart contract design. ETHFIN […]

2021-11-8 19:38


Shiba Inu Price Up Over 20%, Robinhood Petition Reaches 500,000 Signatures

One of the top gainers today is SHIBA INU, this sharp rebound comes amid FUD regarding a whale’s coins being recently moved and certain exchanges delaying $SHIB listings. After Shiba Inu’s meteoric rise in October when $SHIB’s price rose over 400%, news broke out that a wallet with $8b worth of Shiba tokens moved over […] The post Shiba Inu Price Up Over 20%, Robinhood Petition Reaches 500,000 Signatures appeared first on NullTX.

2021-11-6 01:17


Фото:

Shiba Inu (SHIB) Price Analysis: Could Robinhood and Kraken listings save the token after the recent dip?

Shiba Inu SHIB/USD is a decentralized cryptocurrency that was created in 2020 by an anonymous person or group of people under the pseudonym Ryoshi.   It is an Ethereum-based ERC-20 token heavily inspired by Dogecoin, which over time evolved into its own ecosystem, consisting of ShibaSwap as well as the LEASH and BONE tokens.

2021-11-4 16:48