Shiba Inu Holders Urged To Move $SHIB Tokens From CEX to DEX

In a bid to protect the Shiba Inu (SHIB) from the adverse consequences of bankrupt exchanges, the Shiba Inu community is taking proactive steps. Content Marketing Specialist Lucie took to Twitter raising concerns for $SHIB due to the actions of these exchanges selling off their asset and diverting users towards a better solution.

Concerns for $SHIB Amid Bankrupt Exchanges

Lucie handling official SHIB ecosystem on Twitter shared about the challenges in trading activity-

The $SHIB is suffering because of bankrupt exchanges selling their assets. Use Defi. Move your tokens out of exchanges.

The prevailing sentiment among $SHIB holders is to act swiftly and move tokens out of exchanges. Recent data reveals that trading activity predominantly leans towards buying, with a typical hold time of approximately 205 days.

Also Read: Shiba Inu Rival Launches Decentralized Exchange

Unlike traditional exchanges, DEXs operate on decentralized platforms, enabling transactions to occur directly between users’ wallets reducing the potential impact of exchange bankruptcy on $SHIB tokens. According to CoinGecko, there are currently 458 decentralized crypto exchanges with a total 24h trading volume of $1.74 Billion. The three largest DEX by volume are Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), and Curve (Ethereum).

Read More on Why DEX are on rise?

Shiba Inu Latest Movements

The trouble crypto firm Voyager moved around 350 billion Shiba Inu coins (approx worth $2.6 million) in multiple transactions. The  biggest transaction, as reported by CoinGape, recorded turns out to be of moving 70 Billion SHIB (approx worth $537k) from the hot wallet.

Two weeks ago, 4 trillion Shiba Inu tokens were moved from Shiba Staking to crypto exchange Binance speculating a liquidation fear in the community. Read more Shiba Inu latest updates on CoinGape..

SHIB  made a remarkable impression on the crypto landscape when it soared over 10,000% during 2021 bull market. The Shiba Inu price is $0.000008 USD, at the press time. With 10.51% reduction, it has a 24-hour trading volume of $106,282,512 USD. The token is down 2.64% in the last 24 hours.