Shiba Inu News: 4 Trillion SHIB Tokens Worth $32 Million Moved To Binance – CoinGape

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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.
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
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.
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About the author

Anand Narayanaswamy

Anand Narayanaswamy

Anand is a seasoned journalist with over 15 years of experience in technology reporting. He holds a Master's degree in Computer Science and has worked with several leading tech publications. Anand oversees the editorial direction of The Hoops News, ensuring that the content meets the highest standards of journalism. In his free time, he enjoys reading about quantum computing and playing chess.