Crypto analyst and trader Ali Martinez, whose social media presence has been quite active recently, has shared a Santiment chart to demonstrate massive withdrawals of SHIB from crypto exchanges that were conducted in the month of July this year.
This large increase in the SHIB supply held in self-custody indicates that the Shiba Inu community looks forward to the upcoming start of Shibarium on the mainnet and is rubbing their hands together in anticipation of a SHIB price rise that everybody expects to occur.
A total of 1.11 trillion SHIB has also been added to top whales' holdings in less than two months by wallets holding between 10 million and 100 billion SHIB tokens.
Holders withdraw SHIB to self-custody
According to the tweet published by the analyst, in the month of July, thanks to the mutual efforts of Shiba Inu holders, roughly 3.30 trillion SHIB were transferred from crypto trading platforms into cold wallets for long-term storage. That amount of SHIB is the equivalent of $28 million.
This is happening in the run-up to the Blockchain Futurist Conference taking place in the middle of August in Toronto, Canada, this year, where SHIB is one of the major sponsors. Besides, lead developer Shytoshi Kusama said he would deliver a speech via an AI app distantly and, apparently, remain anonymous too.
He stated that aside from the introduction of all major SHIB-branded projects, the Layer 2 Shibarium blockchain will be discussed in detail and perhaps even launched. Aside from that, on Aug. 16, during the conference, the SHIB team will begin a multimonth hackathon for developers to use the Shibarium beta Puppynet and have them build original dApps on it.
Shiba Inu team to finish minting BONE
In a new blog post released on Monday, the mysterious lead dev of SHIB Shytoshi Kusama wrote that the Shiba Inu developer team now plans to mint the remaining supply of the Shibarium gas token BONE and renounce the BONE contract to prevent any further minting of this meme coin.
Kusama called it a significant step toward launching Shibarium as "significant portion of BONE is allocated to the first role in our upcoming system" through validators. Overall, aside from being the gas token for Shibarium and its other functions, BONE is overall the token for technology governance within the new system.