Shiba Inu Records Decline In Exchange Supply Since November

• Shiba Inu’s exchange supply has depleted significantly since November.
• There has been a decline in SHIB price volatility in the spot market.
• SHIB has traded within a narrow price range in the last week.

Meme coin Shiba Inu [SHIB] has witnessed a significant removal of tokens from cryptocurrency exchanges since November. On-chain data obtained from Glassnode showed that a staggering 8 trillion SHIB tokens, worth roughly $88 million, have been withdrawn from known crypto exchange wallets since then.

At press time, 160 billion SHIB tokens were held on crypto exchanges, according to data from Glassnode. 

It may be said that SHIB investors have increasingly moved their tokens off exchanges and into personal wallets due to growing confidence in the coin’s long-term potential. This could have been driven by developments like the launch of the Shiba Inu Layer 2 platform Shibarium and the plans to introduce .shib domain names.

Price volatility sees a decline

Mirroring the general growth in the crypto market in the last month, SHIB’s value has climbed by double digits in the last 30 days. At press tim…

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