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.