Shiba Inu (SHIB) tokens have seen a substantial amount of withdrawals last week, amounting to two trillion tokens, which is equivalent to $16 million. The highest outflows were seen on August 22 and 23, accounting for 80% of the total amount. Currently, there are over 80 trillion SHIB tokens on cryptocurrency exchanges, equaling approximately $635 million.The price of SHIB spiked in the middle of the week, which could be one of the reasons for the large number of withdrawals. Other users have speculated that the withdrawn tokens could be moved to Shibarium addresses, a layer 2 blockchain network that aims to increase transaction speed, lower costs, and elevate the memecoin above its rivals.Moving tokens off exchanges and into self-custody methods is usually seen as a bullish factor for a coin’s price, as it reduces the amount of coins sitting on trading platforms and thus reduces the immediate selling pressure. It remains to be seen if SHIB’s valuation will go up in the near future, as it currently trades at $0.00000795 (per CoinGecko’s data), or 2% less than yesterday’s figure.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	Shibarium, Dogecoin, CoinGeck, Ali
Companies	Shibarium, PrimeXBT, Binance, CoinGecko
Currencies	shiba inu (shib), ethereum (eth), bitcoin (btc), dogecoin (doge)
Securities