In a flurry of cryptocurrency-related developments, Ethereum-based altcoin Shiba Inu has taken center stage in Dubai, as the meme coin was spotted being promoted by a top crypto exchange in the country.
Dubai-Based Crypto Exchange Promotes Shiba Inu
Coinswapz, one of the leading cryptocurrency exchanges in Dubai has taken a stand with Shiba Inu (SHIB), promoting the crypto asset in the country.
The Shiba Inu community spotted the Dubai-based exchange advertising SHIB at the entrance of its office, which is located in the well-known Moon Tower complex in Marina Dubai.
A Shiba Inu enthusiast took to X (formerly Twitter) to share the development with the SHIB community also referred to as ShibArmy. The X post was accompanied by a short video clip showing the SHIB logo being placed alongside Bitcoin (BTC) in a banner welcoming users to the over-the-counter (OTC) trading business.
Based on the action by Coinswapz to promote Shiba Inu alongside Bitcoin, it may indicate that Shiba Inu is a popular option among cryptocurrency investors in Dubai.
SHIB appears to be one of the most popular cryptocurrency assets in Dubai, due to the broad adoption of the meme coin in the country. In November 2022, Dubai – The Palm, one of the most unique hotels in Dubai accepted SHIB payments in addition to Bitcoin and Ethereum.
It is clear from the selection of coins that the company is open to purchasing and selling any cryptocurrency. Bitcoin is regarded as a perfect crypto asset, while Shiba Inu is likely the most well-liked meme coin project.
Shiba Inu has evolved from merely a meme coin into a complete blockchain system. With Dubai being the global hub for blockchain companies, the project might be poised for even larger adoption.
SHIB Balance On Exchanges Sees Notable Drop
Recent data has revealed that Shiba Inu has experienced a significant number of withdrawals from crypto exchanges, as crypto analyst Ali highlighted the development on X.
According to him, “there has been a massive withdrawal of more than 8 trillion SHIB from exchanges since November.” The “Balance on Exchanges” metric, which tracks the total quantity of SHIB that is stored in the wallets of all centralized exchanges, is pertinent in this case.
When this indicator increases, it indicates that investors are now adding a net amount of coins to these exchanges. However, this type of trend might affect SHIB’s price negatively because selling might be one of the primary reasons investors would make such moves.
Meanwhile, a downward trending indicator indicates net withdrawals to self-custodial wallets, which could be a sign of possible accumulation by holders. This type of movement may prove to be positive for the crypto asset in the long term.
Featured image by iStock, chart from Tradingview.com