YouTuber Calms Fears Over Withdrawal of 8 Trillion SHIB Tokens
Date: 2023-12-27 Author: Dima Zakharov Categories: IN WORLD
Cryptocurrency enthusiasts breathed a sigh of relief as YouTuber ClayBro addressed the recent withdrawal of over 8 trillion Shiba Inu (SHIB) tokens from exchanges. The move had sparked fears and speculations within the community, but ClayBro provided a calming perspective.
Dispelling common misconceptions, ClayBro clarified that asset movements away from exchanges should not be considered a bullish sign. Instead, transfers onto exchanges are indicative of selling pressure. In this case, the withdrawal of tokens worth approximately $88 million should be seen as a bearish signal, possibly reflecting investor concerns about the solvency of centralized exchanges.
According to the YouTuber, the primary concern for the community should not be the tokens that were withdrawn but the growing attention Shiba Inu is receiving. He supported his argument by noting the increased search volume and trading activity surrounding SHIB.
ClayBro explained that two key catalysts are contributing to the project's positive perception. Firstly, the growing trust in the cryptocurrency market has led to new all-time highs. Secondly, the burning of Shiba Inu tokens on Shibarium is reducing the token's circulating supply, despite a recent decrease in the burning rate.
