Binance Stakes 4 Trillion SHIB: Will Shiba Inu Price Move Upward?
Shiba Inu Coin News: Shiba Inu, the world’s second largest meme crypto price registered a positive upward trend since the beginning of 2023. Recent updates from the Shiba Inu Ecosystem have played a major role in this price recovery. However, the latest development from Binance, the largest crypto exchange can send the SHIB token price to the moon.
4 trillion Shiba Inu Coin staked?
WhaleAlert reported that Binance sent 4 trillion Shiba Inu (approx worth $36 million) to an unknown wallet in a single transaction.
As we dig in, Shibburn declared that Binance staked those 4 trillion SHIB tokens using ShibaSwap. This move has directly sent approx $36 million worth of Shiba Inu tokens temporarily out of circulation.
Shibburn further added that there was another transaction of un-staking 12.6 trillion Shiba Inu Coin (approx worth $116.2 million) from ShibaSwap by Binance. However, after this transaction, the largest crypto exchange re-staked 4 trillion Shiba Inu Coin.
Earlier, Shiba Archives announced that Binance has become the largest holder of Shiba Inu. Coingape reported that the world’s largest crypto exchange has planned to boost its SHIB holdings. However, this was done in accordance with its deal to take over Voyager Digital’s assets. Binance added $76 million worth of SHIB tokens with other assets like $255 million worth of Ethereum (ETH).
SHIB burn rate Drops by 26%
As per the data, Shiba Inu Burn rate has dropped by 26% over the past 24 hours. Around 27.8 million SHIB have been burned in this period.
On the market side, Shiba Inu coin price have jumped by 5% in the last 24 hours. SHIB is trading at an average price of $0.000009, at the press time. Its 24 hour trading volume has surged by 77% to stand at $450 million.
Coingape reported that Shiba Inu Coin has been ranked as the 2nd most secure crypto project by the Blockchain security pioneer CertiK.
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
