Shiba Inu (CRYPTO: SHIB) has dropped about 20% over the past month, but the meme coin regained a spot among the top 30 cryptocurrencies despite subdued network activity.
SHIB Enters Q3 With Major Supply Shift
Data from Arkham Intelligence shows that investors withdrew around 2.6 trillion SHIB tokens from centralized exchanges like Binance and Kraken on June 30, capping a month-long trend of exchange outflows by large holders.
The withdrawals came as SHIB posted its worst-ever second quarter, falling 29.5% in Q2 and 24% in June.
The exchange outflows have fueled speculation of a potential July rebound, as SHIB has historically posted positive July returns over the past four years, U.Today reported.
