Shytoshi responds to the major SHIB withdrawl as 4,13 trillion Shiba Inu tokens disappeared from Coinbase in December 7. The lead developer ended his 84 day silence on social to confirm it. Shytoshi retweeted a SHIB withdrawl that showed an enormous whale transaction worth about $35 million. The money was moved from Coinbase to a wallet. Shiba Inu Coin’s transaction caught the eye of many in the crypto-community. It signals a shift towards long-term investment strategies, as reserves on exchanges have reached all-time lows.
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Shytoshi’s Highlights on Whale Movements and Long-Term Holding
Shytoshi’s SHIB withdraw Shytoshi made public was his first appearance since September 15th. Kusama tweeted World Blockchain Capital alert regarding the Shiba Inu Coin Transfer of 4,136,208.073,220 and this brought attention to the whale’s significant move which reduced the circulating supply in trading platforms. This transfer is in line with the broader trend of millionaire investors relocating digital assets from exchanges to long-term storage rather than trading.
World Blockchain Capital I have this to say about:
“This is something we haven’t seen in a while @TheDarkShib @Queen1Crypto @gabby_girl007 @cryptomumms @spoonwerks”
Exchange Reserves Fall to Record Low
SHIB reserves at the time this article was written reached an all-time high of 81.42 trillion tokens. This represents a reduction in speculative trades and increased confidence from major holders. SHIB tokens being removed from Coinbase or similar platforms usually indicates the transfer of assets to wallets that are under self-custodial control.
Community Vision Drives Token Movement
It is the founder Ryoshi’s philosophy, that Shiba Inu Coins shouldn’t be centralized. That’s why this SHIB withdraw was made. Tokens, instead, should empower communities via Shibarium decentralized finance protocols. Whale move activity shows this principle at work. The exchange of such a large amount by investors can lead to scarcity on the trading platform.
Shytoshi Kusama previously emphasized:
“The genius of Shib is the power of the community.”
SHIB currently trades at around $0.0000085. Although historically reduced supply has preceded price increases when coupled with positive developments, this is not the case right now. Kusama is refocusing on AI initiatives and Shibarium improvements that are aimed at boosting token burns within the ecosystem.
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The trading data on the Spot and Permanents markets shows that there are irregularities in volume, which could indicate long-term holders have outgrown short-term buyers over the last few months. This exchange transfer pattern may improve scarcity moving forward.
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Source: watcher.guru
