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4 Trillion Shiba Inu (SHIB) Moved to Binance, What's Happening?

Fri, 06/09/2023 - 12:36
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Tomiwabold Olajide
4 trillion Shiba Inu (SHIB) tokens transferred to Binance, what's going on?
4 Trillion Shiba Inu (SHIB) Moved to Binance, What's Happening?
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Crypto data tracker Whale Alert has reported a massive four trillion SHIB move in recent hours. The move was specifically performed by an address tagged as "Shiba Staking" to a Binance wallet.

Whale Alert reports that 4,000,379,151,023 SHIB worth $31,709,005 was transferred from Shiba Staking to Binance.

There are a few reasons why coins are sent to exchanges: to sell them, for staking, or to partake in an airdrop. Sometimes exchanges, which are often large holders of coins, can perform wallet reshuffling.

The real motive behind the move from Shiba Staking to the Binance wallet remains unknown. The speculation might be to unstake this massive chunk of tokens, a wallet shuffling by a large holder, or even to sell them.

New Details on 4 Trillion SHIB Moved by Binance – Shiba Inu Staking Performed

Be that as it may, it should be recalled that at the start of the year, on Jan. 10, precisely, Shibburn reported that Binance staked four trillion (4,000,000,000,000) SHIB using ShibaSwap. This way, four trillion SHIB tokens were taken out of circulation.

Comments made afterward by a prominent SHIB community member, SHIB BPP, made it known that Binance has always had a whitelisted wallet since the launch of ShibaSwap, allowing them to stake SHIB in the system, claim rewards and distribute rewards to its users.

No reference has been made to the four trillion SHIB staked at the time of writing, so the inference made might be speculation.

Shiba Inu (SHIB) Reaches Unprecedented Milestone: Details

According to a recent update, the U.S. division of Binance will become an exclusively crypto exchange as of June 13 due to pressure from the SEC, which targeted the company with a major enforcement action this week.

Binance.US announced in a tweet that it is temporarily switching to an all-crypto exchange but that trading, staking, deposits and withdrawals in cryptocurrency are still fully functional.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.