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Shiba Inu News: 4 Trillion SHIB Worth $32 Million Moved To Binance, Price To Fall?

Shiba Inu News: Four trillion Shiba Inu (SHIB) tokens worth $32 million unstaked and moved to Binance. Will SHIB price crash?
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Shiba Inu News: 4 Trillion SHIB Worth $32 Million Moved To Binance, Price To Fall?

Shiba Inu News: Whale Alert on Friday reported that 4 trillion Shiba Inu (SHIB) tokens worth millions were moved from Shiba Staking to crypto exchange Binance.

The massive unstaking of Shiba Inu tokens raised speculation in the community about whether the SHIB price to witness another liquidation.

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Shiba Inu (SHIB) Tokens Worth $32 Million Transferred to Binance

Whale monitoring system Whale Alert in a tweet on June 9 revealed that 4,000,379,151,023 Shiba Inu (SHIB) tokens worth $31,709,005 were released from staking and transferred to Binance.

The Shiba Inu community reacted to the massive transfer to Binance, speculating whether a price drop is coming. Typically, unstaking events of millions of SHIB tokens are normal. However, trillions of SHIB unstaking in a single transaction raise uncertainty as SHIB tokens could be dumped to exchange.

The Shiba Inu community currently awaits the Layer-2 blockchain Shibarium mainnet launch, expected at the end of the year. Lead developer Shytoshi Kusama has hinted at the Shibarium launch soon but a lack of updates on the major event impacted SHIB and BONE prices.

Meanwhile, developers are working on other related projects including Shiba Inu Metaverse, cold wallet, and SHIB burn.

Also Read: US House Releases Stablecoin Bill To Bring Clarity & Giving Fed Authority

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Shiba Inu and BONE Prices Reacts to News

SHIB price fell 7% this week and 15% in a month. The price is currently trading at $0.00000798. The 24-hour low and high are $0.00000789 and $0.00000800, respectively. Furthermore, the trading volume has decreased by 21% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, BONE price fell 2% in the last 24 hours, with the price currently trading at $0.79. The 24-hour low and high are $0.794 and $0.810, respectively. The trading volume has decreased by 21% in the last 24 hours.

Whale holdings for both SHIB and BONE have reduced, but retail holdings have increased, according to on-chain data.

Also Read: Binance To Temporarily Suspend All Crypto Margin And Earn Related Services

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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