Shiba Inu Exchanges Supply Dropped In July, Data Shows
In July, 3.3 trillion Shiba Inu ($SHIB) tokens worth over $28 million were withdrawn from centralized exchanges, according to crypto analyst Ali Martinez. The data, based on a chart from Santiment, shows a significant drop in available supply, with 87 trillion tokens in circulation in June. The figure dropped to 83.39 trillion by the end of July.
On July 19, two trillion SHIB tokens left the exchanges, marking a significant outflow. This occurred due to the sale of billions of Shiba Inu tokens by bankrupt crypto lender Voyager. SHIB developers have released the beta version of the Shibarium bridge, allowing users to move assets from the Ethereum network onto Shibarium. This layer-2 scaling solution reduces token supply and boosts the price.
(With inputs from Shikha Singh)
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