Around $28M worth of #ShibaInu tokens were withdrawn from exchanges in July, yet prices held steady and market cap nears $5 billion.
Shiba Inu (SHIB) tokens have seen an unanticipated outflow from centralized cryptocurrency exchanges. According to leading crypto researcher Ali Martinez, 3.30 trillion #SHIB tokens worth $28 million were removed from these exchanges in July.
This decision, which is generally indicative of a desire to keep assets for the long term, has had no effect on Shiba Inu's market position. According to CoinMarketCap data, the meme currency has continued a strong market trajectory, approaching a $5 billion market cap, a considerable increase from its June value of less than $4.5 billion. At the time of writing, the currency was trading at $0.000008303.
While the coin's burn rate has recently decreased, #Shibburn , the $SHIB burn site, reports that 97.5 million SHIB tokens were delivered to dead wallets in the previous 24 hours. The burn rate has increased by almost 296% as a result of this rise, with multiple transactions involving the burning of millions of tokens.
Despite the outstanding statistics, they remain modest when compared to previous eras when about a billion SHIB were burnt. The fascinating trend points to a dynamic, but steady, future for Shiba Inu in the cryptocurrency market.
Shiba Inu's utility token, BONE, has surged in value by more than 20% in the last week as a consequence of the project's chief developer, Shytoshi Kusama, declaring intentions to mine the remaining BONE token supply. This is being done in preparation for the upcoming release of Shibarium, Shiba Inu's layer 2 scaling solution.
Although the bulk of the market has been facing negative trends and corrections, Shiba Inu has consistently climbed in the other direction. The cryptocurrency has grown dramatically in recent weeks, bucking conventional market trends.
