Shiba Inu (SHIB) is up more than 7% today, surpassing Dogecoin (DOGE), its major rival, by 6%. SHIB is currently trading at $0.00000912, its highest price in more than 30 days.
SHIB/USD 4-hour chart | Source: TradingView
The fact that the price of SHIB tested both the top and lower limits of the price corridor—where the token has primarily moved since the most infamous event of November, the collapse of FTX—in a single day is even more astonishing. If the token was promptly purchased back at the lower boundary for SHIB, which was approximately $0.00000855, then at the higher barrier, around $0.0000096, SHIB made a false break and returned to the range.
Binance, a major cryptocurrency exchange, shifted 13 trillion Shiba Inu tokens while SHIB was pushing the market’s limits and the nerves of buyers and sellers to the test. The $100 million equivalent of 12.661 trillion SHIB was the initial withdrawal made by the black-and-yellow crypto juggernaut.
Then Binance restated a third of that sum, leaving it with 8.6 trillion SHIB. However, it’s unclear whether the occasion was as beneficial as Shiba Inu aficionados claimed. Although 8.6 trillion SHIB were not staked again after Binance removed 4 trillion off the market, this increases the likelihood of an order book storm.
Update on 4 trillion SHIB transaction performed by Binance
The largest trading platform by volume, Binance, traded a massive 4 trillion SHIB, according to Whale Alert. New information about this transaction has just come to light. Shibburn, a cryptocurrency tracker that tracks Shib burn transactions, has released information about the significant SHIB movement that Whale Alert highlighted.
Later tweeted that 4 trillion (4,000,000,000,000) SHIB had been transferred by Binance to an unidentified wallet. Shibburn reported that the cryptocurrency trading behemoth had restaked these joke coins, valued at $36,280,000.
Additionally, Shibburn tweeted that Binance first shifted 12,661,395,600,288 Shiba Inu (SHIB), equaling $116,231,611. This enormous quantity of meme tokens was taken out of the ShibaSwap dex’s staking pool. Shibburn continues, “Following that, 4 trillion Shiba Inu were staked back.” The total number of SHIB coins staked as of this writing has decreased to 18,101,132,414,550 coins.
This explains why there’s only 18,101,132,414,550 xSHIB on the website.
— Shibburn (@shibburn) January 10, 2023
Shibburn added that now there are 4 trillion coins temporarily out of circulation.
That’s 4 trillion $SHIB temporarily out of circulation. 🔥
— Shibburn (@shibburn) January 10, 2023
Influential member of the SHIB community @ShibBPP remarked on this news. He claims that on the day of its inception, Binance exchange set up a whitelisted wallet on ShibaSwap. The crypto powerhouse in CZ is currently staking SHIB there and rewarding its members with prizes.
Read more:
- Little Less Than A Quarter Of A Billion Shiba Inu Has Been Removed From Circulation This Time
- 2023 Gets Off To A Good Start With The Surge In Shiba Inu (SHIB) Burned