The Shiba Inu community is taking proactive steps to protect the Shiba Inu from the negative consequences of bankrupt exchanges. Content Marketing Specialist Lucie expresses her concern for SHIB over the actions of these exchanges to sell their assets and steer users towards a better solution.
There are concerns for SHIB on bankrupt exchanges!
Lucie, who manages the SHIB ecosystem via Twitter, shared the difficulties in trading activities. According to Lucie, SHIB suffers as bankrupt exchanges sell their assets. That’s why the influencer recommends using Defi. For this reason, she advises her followers to move their tokens outside the exchanges.
The $SHIB is suffering because of bankrupt exchanges selling their assets.
Do you know how we can prevent this?
Use Defi. Move your tokens out of exchanges. pic.twitter.com/Yj86Zr5QRm
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 26, 2023
According to Lucie, the prevailing sentiment among SHIB holders is to act quickly and remove the tokens from exchanges. Recent data shows that trading activity is predominantly in the buying direction. It also reveals that the typical retention time is around 205 days.
Unlike traditional exchanges, DEXs operate on decentralized platforms, allowing transactions to occur directly between users’ wallets. Therefore, it reduces the potential impact of the stock market bankruptcy on SHIB tokens. According to CoinGecko, there are currently 458 decentralized crypto exchanges with a total 24-hour trading volume of $1.74 Billion. The three largest DEXs by volume are Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), and Curve (Ethereum).
Shiba Inu movements and price performance
In recent developments, troubled cryptocurrency firm Voyager has moved around 350 billion Shiba Inu coins (worth around $2.6 million) in multiple transactions. cryptocoin.com As we reported, the largest recorded transaction turned out to be the move of 70 Billion SHIB (approximately $537,000 worth) from the hot wallet. Two weeks ago, a whale moved 4 trillion SHIB tokens from Shiba Staking to crypto exchange Binance. This, in turn, caused a purge scare in the community.
As you may recall, SHIB rose over 10,000% during the 2021 bull market. During this period, the popular meme coin made a remarkable impact in the crypto world. The Shiba Inu was trading around $0.000007565 at press time. Meanwhile, the meme coin has lost 3.90% on a daily basis. However, the Shiba Inu remains in the green zone, up about 6% on a weekly basis. SHIB’s last 24-hour trading volume is around $113 million.
Shiba Inu is ringing alarm bells!
According to data provided by the IntoTheBlock crypto intelligence portal, major SHIB holders have exhibited alarming behavior recently as their trading volumes have experienced a significant drop from last Friday to the end of the week. While this figure increased by 150%, or 1.5 trillion SHIB, at the beginning of last week, it later dropped to 865 billion tokens. Another worrying sign is the drop in the net flow value of the Shiba Inu token. Outflows from the wallets of leading investors exceeded the inflows. Accordingly, 272.45 billion tokens came out of these wallets, compared to 195.98 billion entries. As a result, the net flow in the wallets of Shiba Inu whales has changed drastically.
