The Shiba Inu Whale Withdraws $4 Trillion from the Staking Pool and Deposits It All on Binance
Information from the Ethereum blockchain showing that more than 4 trillion tokens worth more than $31 million were unstaked and transferred to prominent cryptocurrency exchange Binance has set the Shiba Inu ($SHIB) group abuzz.
Whale Alert, a programme that keeps tabs on extensive cryptocurrency transactions, was the first to notice a trade for a staggering 4 trillion SHIB tokens finished within an hour and routed to a wallet affiliated with Binance.
This massive deal will have far-reaching effects. These unstaked tokens increase the total supply of Shiba Inu by 1% to 578.9 trillion tokens in circulation. On the other hand, the quantity of staked tokens has decreased to 10.44 trillion SHIB, as shown by statistics on Shibburn.com.
Neither the motivations nor the perpetrators of this deal are known now. Transferring the fact that the unstaked tokens have been moved to a cryptocurrency exchange platform indicates that the whale who made the transfer is trying to unload them.
Since the debut of the meme-inspired cryptocurrency, around 410.63 trillion tokens have been destroyed out of a total supply of 1 quadrillion, as previously reported by CryptoGlobe. In a single transaction last month, the Koyo token project killed a fantastic 1.49 billion tokens, making it clear that it means business regarding its meme-inspired cryptocurrency.
In a recent telegram conversation, Shytoshi Kusama, SHIB’s chief developer, discussed how burns affect a Shiba Inu’s value. Kusama claims that the price of Shiba Inu can’t be changed with only burns and that additional burns are required to make a difference.
The Shiba Inu team has recently revealed the intricate SHIB burn process for the presently beta-testing Shibarium Layer 2 network.
Contractually, the team will get 30% of this charge for network upkeep, while the remaining 70% will be used on burning costs. Recent screenshots show that the order may be ignited only if there are more than 10 BONE in the contract. Tokens may be exchanged for SHIB and then destroyed.
