Binance Stakes 4 Trillion Shiba Inu Tokens Worth $37 Million
Since the beginning of 2023, the value of Shiba Inu, the second-largest meme-inspired cryptocurrency by market capitalization, has been steadily rising. By staking 4 trillion Shiba Inu tokens worth $37 million, Binance made a huge step. This action follows an exciting Shibarium Network update that has raised interest in the community for the upcoming future advancements.
Binance Stakes 4 Trillion Tokens
The largest cryptocurrency exchange in the world, Binance, delivered 4 trillion Shiba Inu (about $36 million) to an unidentified wallet in a single transaction, according to WhaleAlert, a cryptocurrency trade analysis tracker.
According to statistics from Etherscan.io, the whale has not dumped SHIB but instead transferred the 4 trillion tokens for “staking.” This transaction was made by the Binance whale wallet, also known as “Binance 8.” Currently, the tracker reflects a total of 18,097,774,250,828 SHIB coins that have been staked.
A well-known SHIB community member who goes by the Twitter handle ShibBPP has shared his opinion on current events. He said that since ShibaSwap’s inception, Binance had a whitelisted wallet. According to reports, the exchange stakes SHIB in this wallet and pays out rewards to its users.
Update on the Shibarium Network
To develop the Shiba Inu ecosystem, developers are now working on its network update. The most anticipated advancement is Shibarium, its scaling platform. Shibarium, which was first introduced by Ryoshi, the mind behind Shiba Inu, has a number of advantages for users, including increased throughput, reduced costs, token utility, and more.
They also reaffirmed Shibarium’s plan to burn SHIB tokens for each transaction made on its layer-2 network. As a result of the change, there will be less SHIB in circulation, allowing the token to scale up in the indices more sustainably. At the time of writing, Shiba Inu was up 4.84% in the last 24 hours, trading at $0.000009355.
BONE’s value significantly increased after it was revealed that it had been selected as the Shibarium Network’s official cryptocurrency, jumping by more than 30% in just a few days.
