Shiba Inu Surges as 8 Trillion Coins Move to Self-Custody Wallets

Over the last month, 8 trillion Shiba Inu (SHIB) coins were moved from cryptocurrency exchanges to self-custody wallets, according to the latest data from Nansen. The movement occurred as SHIB’s price hit a monthly high of $0.00001340 on Friday.

The 8 trillion tokens are worth about $107 million. Exchange outflows into self-custody wallets typically indicate that holders are not looking to sell immediately, which can signal confidence in the asset.

The price of SHIB increased close to 2% during Friday’s session. The token climbed back to the $0.000013 range for the first time in nearly three months. Throughout the year, SHIB has not experienced a major sell-off, even though overall price movement was flat for extended periods. Investors reportedly accumulated additional SHIB tokens as they anticipated interest rate cuts from the Federal Reserve.

According to the source, renewed interest in Shiba Inu follows a period of market stagnation for many meme coins. There is growing sentiment among traders that SHIB could reach $0.000015 again, a price last seen in July.

Meme coins like Shiba Inu are known for rapid price swings. Their volatility means prices can spike or drop significantly in a short time frame. The article emphasizes that due to high risk, investors should only invest what they can afford to lose, especially during uncertain market periods.

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