Shiba Inu Tokens Worth $32 Million Moved to Binance

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Shiba Inu
Summary:
Whale Alert reported that Shiba Staking had sent 4 trillion Shiba Inu (SHIB) tokens to the cryptocurrency exchange Binance. The Shiba Inu community is concerned that the price of the meme coin may fall as a result. Now all eyes are on the upcoming Fed meeting tomorrow.

On Friday, Whale Alert reported that Shiba Staking had sent 4 trillion Shiba Inu (SHIB) tokens to the cryptocurrency exchange Binance. Members of the community are concerned that the recent massive unstaking of Shiba Inu tokens may lead to another crash in the SHIB price.

According to a tweet from Whale Alert, a service that monitors large cryptocurrency transactions, on June 9 the Shiba Inu (SHIB) tokens worth $31,709,005 were released from staking and moved to Binance.

SHIB Price Crash Ahead?

The Shiba Inu community has reacted to the mass migration to Binance, with some concerned that the price of the meme coin may fall as a result. Concerns have been raised, however, about the possibility of a massive dump of SHIB tokens.

Coingecko data shows that the current price of SHIB is $0.000007928, representing an increase of 0.22% over the previous 24 hours. Furthermore, volume has decreased by 12% over the previous day, indicating that investors are less enthusiastic.

Community Awaiting Upcoming Developments

The Shiba Inu community is anxiously anticipating the end of the year, when the Layer-2 blockchain Shibarium will launch its mainnet. Despite suggestions from lead developer Shytoshi Kusama, the absence of information regarding the Shibarium launch has had a detrimental impact on the price of SHIB and BONE.

The community is also working on the Shiba Inu Metaverse, a cold wallet, and the SHIB burn protocol, all of which are quite similar to one another. Recent estimates indicate that SHIB’s burn rate has reached 50%, drawing significant attention from the cryptocurrency market. However, the overall insignificance of the amount that has been burned renders the impact on the token’s value negligible despite this surge.

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According to the on-chain statistics, whales’ holdings of SHIB and BONE have decreased, while retail investors’ holdings have increased. The recent lawsuit by U.S SEC has the entire crypto market move flat, with all eyes on upcoming Fed Reserve rate hike tomorrow.

Pooja Bhargav