Whale Alert’s Friday report revealed that millions of dollars’ worth of Shiba Inu (SHIB) tokens, amounting to 4 trillion in total, were transferred from Shiba Staking to the cryptocurrency exchange Binance
The substantial unstaking of Shiba Inu tokens has sparked speculation within the community regarding the possibility of another price liquidation for SHIB.
In a tweet on June 9, Whale Alert, a whale monitoring system, disclosed that a staggering amount of 4,000,379,151,023 Shiba Inu (SHIB) tokens, equivalent to $31,709,005, were unstaked and subsequently transferred to the cryptocurrency exchange Binance.
Following the significant transfer of SHIB tokens to Binance, the Shiba Inu community has responded with speculation regarding a potential price drop. While unstaking events involving millions of SHIB tokens are common, the unstaking of trillions in a single transaction has raised uncertainties. The concern stems from the possibility of a large-scale dumping of SHIB tokens onto the exchange, which could impact the market.
Anticipation is building within the Shiba Inu community for the upcoming launch of the Shibarium mainnet, a Layer-2 blockchain scheduled for the end of the year. While lead developer Shytoshi Kusama has hinted at an imminent Shibarium launch, the lack of updates on this significant event has had an impact on the prices of SHIB and BONE tokens.
In parallel, developers are actively engaged in various related projects, such as the development of the Shiba Inu Metaverse, cold wallet solutions, and initiatives related to SHIB token burning.
Shiba Inu and BONE Prices React to News Developments
SHIB price has experienced a 7% decline over the course of this week and a 15% decrease within the past month. Currently trading at $0.00000798, the cryptocurrency has recorded a 24-hour low and high of $0.00000789 and $0.00000800, respectively. Moreover, the trading volume has seen a 21% reduction in the last 24 hours, suggesting a waning interest among traders.
Also Read: Shiba Inu’s Puppynet Testnet Records 10 Million Transactions, Highlights Ecosystem Tokens
Over the past 24 hours, BONE price has declined by 2%, bringing it to a current trading value of $0.79. The cryptocurrency observed a 24-hour low and high of $0.794 and $0.810, respectively. Additionally, the trading volume has experienced a 21% decrease during the same timeframe.
On-chain data reveals a decrease in whale holdings for both SHIB and BONE, while retail holdings have witnessed an increase.
Also Read: Shiba Inu, Polkadot, and Collateral Network: The Next Cryptos Poised for Pumping
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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