Can SHIB Wallets Drive Prices Up?

Shiba Inu (SHIB) recently made headlines by announcing a partnership with Swiss company Tangem to launch a cold wallet. Will it drive prices up?

This development has sparked curiosity among SHIB holders, as the introduction of cold wallets could drive significant price momentum.

With more and more SHIB holders turning to self-custody, billions of SHIB are expected to move to cold wallets, and there may be scarcity in the market, which may cause the price to surge.

SHIB Holders Move to Self-Regulation

As the Watcher Guru cites from Glassnode data, there has been a notable trend of SHIB holders moving their tokens from exchanges recently.

This shift to self-custody shows that SHIB holders are increasingly looking to have more control over their assets.

As billions of SHIB tokens move from exchanges, the resulting scarcity could create favorable conditions for a price surge.

The introduction of cold wallets could further strengthen this trend as users seek safe and convenient storage solutions for their SHIB tokens.

5,000 cold wallet SHIBs ordered

The excitement surrounding the wallet launch is evident in the pre-order stats. Tangem, the company that works with Shiba Inu, reported that 5,000 cold wallets have been ordered.

This enthusiastic response from the community demonstrates the strong demand for cold wallets and reflects the growing interest in safe storage options for SHIB tokens.

Tangem plans to start making the wallet available to users in early July, which may encourage more SHIB holders to switch to self-custody.

Strengthening the status of the Shiba Inu

With each new development, Team Shiba continues to solidify its position as the second largest meme coin.

The introduction of cold wallets adds credibility and other utility to the SHIB ecosystem.

By providing users with reliable and secure storage solutions, Shiba Inu aims to increase user confidence and further strengthen its position as a major player in the cryptocurrency market.

SHIB Price Upward Momentum

The combination of SHIB holders moving to self-custody, billions of tokens moving to cold wallets, and SHIB’s increasing scarcity on exchanges presents an opportunity for potential price momentum.

As more users adopt cold wallets and take their SHIB tokens off exchanges, the limited trading supply could create a supply-demand dynamic that drives prices higher.

This price surge is likely to draw further attention from investors and traders, which contributes to the growth and overall success of the Shiba Inu project. [ab]

Information source: compiled by 0x information from BLOCKCHAINMEDIA.Copyright belongs to the author, without permission, may not be reproduced

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