- 500 billion Shiba Inu tokens have been moved out of the wallets of investors.
- SHIB has failed to surpass the critical resistance level.
Shiba Inu (SHIB), the popular dog-themed memecoin, has experienced significant outflows from exchanges that have occurred within the last week. There are around 500 billion SHIB tokens that have been moved out of the wallets of investors. This sudden movement of SHIB tokens reflects growing investor concern about the future of the most anticipated Shibarium project, sending shockwaves through the crypto market.
According to the report, the memecoin has witnessed a half trillion SHIB token outflows as the Shibarium faces uncertainty. In the past few days, SHIB has clearly shown bullish intent, resulting in a significant increase in its trading price. However, the investor’s uncertainty about Shibarium brought it back to bearish momentum.
One trillion SHIB have suddenly left the wallets of major investors since Monday, surpassing the rise of 745 billion tokens. As a result, the net flow of Shiba Inu whales’ wallets over the last week dropped to 377.35 billion SHIB, marking a significant half-a-trillion token drop from just the previous day’s index value.
Concerns About Shibarium Launch
Shytoshi Kusama came up with an update on Shibarium a few days ago, mentioning that “something physical is coming. Moreover, people from the Shiba Inu community have revealed some of Shytoshi’s updates related to Shibarium. Even though the creator of Shiba Inu, Shytoshi Kusama, hinted that some updates related to Shibarium were coming soon, that didn’t convince the SHIB investors.
Shibarium, the recent development from the Shiba Inu, created massive anticipation around the SHIB community. The Shibarium layer-2 solution is now functioning in the test network. Moreover, the launch of the Shibarium has been postponed for some reasons. Still, there has been no clear timeline announced for the Shibarium launch. The continuous postponement has disappointed the investors.
This creates uncertainty about the Shibarium project among the SHIB community. Major holders may have reduced their holdings of the token because of the uncertainty surrounding the release of Shibarium on the main network.
Shiba Inu’s Trading Price Drop
Another factor that may be a reason for the significant outflow is the trading price of the Shiba Inu memecoin. In the last week, the memecoin has failed to surpass the critical resistance level of $0.0000084 per SHIB. Despite the bullish intent, Shiba Inu has experienced a massive decline and is trading in an uncertain environment. This raises the question of whether Shiba Inu will overcome the challenges and regain bullish momentum.
While these things are happening, the memecoin hits significant milestones. Puppynet, the Shibarium testnet, has set a new milestone by surpassing the 25 million mark within two days of the previous record. Moreover, the Hong Kong Virtual Asset Consortium (HKVAC) announced that it includes the SHIB in the virtual asset list index. The announcement has sparked excitement around the SHIB community.
At the time of writing, the trading price of Shiba Inu is around $0.000007326, with a decline of over 3.82% in the last 24 hours. The trading volume has experienced an increase of 4.71%, according to CoinMarketCap.
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