Despite falling prices, investors have taken out 2 trillion Shiba Inu tokens from exchanges over the past week. The value of the 2 trillion tokens at today’s rate is about $15.8 million. Tokens leaving exchanges are always a positive sign for bulls, as they create less selling pressure. The exit from exchanges comes amid Shiba Inu’s (SHIB) layer-2 network, Shibarium, relaunching. The initial launch was botched with excess traffic, which led the team to pause the network.
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It is possible that investors had a change in sentiment after Shibarium was announced as “ready” last week. They probably expected the token’s price to take off once the network went live again. However, SHIB’s prices continue to fall despite the network coming back online. The token has fallen by 2.1% in the last 24 hours and by 3.8% over the previous week. Even Shibarium’s gas token, ShibaSwap Bone (BONE), has fallen 4.4% in the last 24 hours.
Will Shiba Inu’s price recover soon?
Despite some positive developments, it is unlikely that SHIB’s price will recover soon. The larger crypto market continues to be on a bearish path, and SHIB alone is unlikely to diverge from that trend. Bitcoin has fallen below the $26,000 mark and is not showing any signs of recovery yet. Other altcoins and memecoins will likely follow BTC’s movements for the time being.
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However, in the long run, Shibarium could bring in much more demand for Shiba Inu (SHIB) as more and more projects are built on the network. Once the larger market begins to rally, Shibarium could be the catalyst that pushes SHIB to new heights.
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