Shiba Inu: Exchange accumulation surges as Shibarium buzz intensifies
Like previous times, rumors spread that the Shiba Inu L2 was close. This has led to a change in assets held on exchanges.
- SHIB holdings on top exchanges swelled as market participants expect Shibarium’s launch in August.
- SHIB’s price has decreased following an increase in circulation.
Interest in Shiba Inu [SHIB] may not fizzle out anytime soon, and this is not just because of its recent surge in price or market appeal. While it was evident that SHIB grabbed the attention of both the retail and whale cohort over the past week, the focal point was on exchanges, who mostly, have SHIB as part of their holdings.
How much are 1,10,100 SHIBs worth today?
Traction on the barter
Well, according to Santiment, holdings on a number of top exchanges significantly increased. From the on-chain data provided, the SHIB balance on Binance increased to 30.8 trillion after a 166.9 billion rise in the last 24 hours.
OKX, with a total balance of 9.7 trillion, increased by 116 billion. Other exchanges including Poloneix and Gate.io also registered notable hikes in holdings. Unlike exchange inflows, where investors could be looking to sell, the increase in holdings suggests improved adoption for the meme.
And one reason for this could be linked to Shibarium, Shiba Inu’s Layer Two (L2) ecosystem. On several occasions, the SHIB community has anticipated the launch of Shibaroum. However, the expectation has been met with disappointments.
But there has been some change. Although unconfirmed, speculation went around that the official launch has been slated for mid-August. As a result, there has been a level of hype around the project and the token.
A drop in value at long last
Meanwhile, active addresses on the Shiba Inu network have increased over the last seven days. According to Santiment, the seven-day active addresses rose to 29.100. Active addresses indicate the daily level of crowd interaction with a token.
When the metric reduces, it implies that speculation around a token is falling. But when it increases, it implies that there has been an increase in the number of unique addresses involved in transactions. And this was the situation with SHIB.
Besides the active addresses, another metric that increased was the SHIB circulation. At the time of writing, the seven-day SHIB circulation was up to 13.9 trillion. The hike reinforced the notion that a lot of SHIB has been used within the past week.
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At the same time, an increase in circulation is not always great for a token like SHIB. The more tokens are added to the circulation, the more the value decreases. Conversely, the more tokens are burned or removed, the more the value increases.
This has been evident in the SHIB value. At press time, the price has decreased by 4.47% in the last 24 hours. In retrospect, the burn rate decreased by 170% within the same period, indicating that SHIB’s value could continue to decline over the next few days.
