• Shiba Inu investors are gradually shifting to exchange-based custody.

• The shift indicates that the sell pressure is mounting for Shiba Inu (SHIB).

• SHIB burn rate crashed 99% in the past 24 hours as well.

Shiba Inu (SHIB), the second-largest meme coin by market cap ($10.72 billion), could become volatile as investors move their tokens from self-custody to exchanges. This suggests that selling pressure is building.

According to the data from CryptoQuant, the net inflow of SHIB to exchanges has surged. This means investors are sending their tokens to exchanges rather than holding them in their wallets, which could lead to increased volatility as selling pressure builds.

Bullish Factors for Shiba Inu

Despite this bearish signal, there are also bullish signs for Shiba Inu. First, Shibarium, Shiba Inu’s layer-2 scaling solution, has seen a significant increase in daily transactions, jumping from 28,110 on October 18th to 324,590 on October 19th. As of October 21st, transactions on Shibarium stand at 128,000, and the platform boasts over 1.8 million wallet addresses.

Read more : Shiba Inu Burn Rate Surges 14,575%, SHIB Price Jumps on Token Scarcity

Anoth…

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