SHIB tokens worth $31,709,005 were unlocked from staking and transferred to Binance.
The potential for the dumping of trillions of SHIB in a single transaction raises concerns.
On Friday, Whale Alert claimed that 4 trillion Shiba Inu (SHIB) tokens, worth millions of dollars, were transferred from Shiba Staking to Binance, a cryptocurrency exchange. Community members are wondering whether the SHIB price would see another collapse after the big unstaking of Shiba Inu tokens.
The Shiba Inu (SHIB) tokens worth $31,709,005 were unlocked from staking and transferred to Binance on June 9, according to a tweet from Whale Alert, a service that tracks whale activity in the cryptocurrency market.
SHIB Community Taken by Surprise
The Shiba Inu community has responded to the large-scale move to Binance, with some members wondering whether this portends a decline in price. Unstaking incidents involving millions of SHIB tokens are par for the course. However, the potential for the dumping of trillions of SHIB tokens in a single transaction raises concerns.
The mainnet release of the Layer-2 blockchain Shibarium is scheduled for the end of the year, and the Shiba Inu community is eagerly awaiting it. The lack of information about the Shibarium launch has negatively affected the price of SHIB and BONE, despite hints from lead dev Shytoshi Kusama.
Other similar projects, such as the Shiba Inu Metaverse, cold wallet, and SHIB burn, are also being developed by the community.
SHIB has lately been under scrutiny in the cryptocurrency market because of the massive increase in its burn rate, which according to recent reports has topped 50%. Nevertheless, in spite of this spike, the influence on the token’s value continues to be insignificant because of the overall insignificance of the volume that has been burnt.
According to CMC, the price of SHIB is $0.000007979 and is down 0.11% in the last 24 hours. In addition, volume has dropped by 11% in the past day, suggesting less enthusiasm among investors. On-chain data reveals a decrease in SHIB and BONE ownership by whales, but a rise in holdings by retail investors.