- Crypto analyst ClayBro said that the 8 trillion SHIB withdrawal from exchanges is not a bullish sign.
- The analyst argued the withdrawal could be a shift in investors’ preferences.
- Clay said Shiba Inu’s growth has been driven by increased confidence in the crypto market and SHIB burns.
In a recent video, the cryptocurrency YouTuber ClayBro doused the excitement among members of the Shiba Inu meme coin community after over 8 trillion SHIB tokens were withdrawn from exchanges.
According to the analyst, the digital asset’s movement could be a shift in investors’ preferences. He continued by countering long-held narratives that asset movements away from exchanges is a bullish sign, while transfers to exchanges indicate a sell signal.
Furthermore, ClayBro argued that the withdrawal of the tokens, worth an estimated $88 million, could be a bearish sign. The analyst said this would be the case if investors think the centralized exchanges would go under.
Rather than the withdrawn tokens, ClayBro said the thing the community should be most excited about is Shiba Inu gaining more attention. In addition, he added that the project’s search volume has also s…
The post 8 Trillion SHIB Transfer From Exchanges Not a Bull Signal: Analyst appeared first on Coin Edition.