Billions of Shiba Inu shifted to Binance.
Over $31.76 Million worth of Shiba Inu (SHIB) unstaked and transferred to Binance in a single transaction. Shibburn.com data highlights the significant change in token distribution following the move.
Etherscan.io data revealed that a staggering 4,000,379,151,023 (4T) SHIB, valued at $31,763,010 ($31.76M), were recently unstaked and moved to a wallet linked with Binance, identified as “Binance 8,” in a single transaction. This significant movement occurred just one hour ago. Whale Alert also has confirmed the transaction.
— Whale Alert (@whale_alert) June 9, 2023
The impact of this move is significant, as it has caused the circulating supply of Shiba Inu (SHIB) tokens to increase by 1%. Per Shibburn.com data, the current circulating supply of SHIB now stands at a staggering 578,908,811,038,448 (578.90 trillion) tokens. Simultaneously, the number of staked tokens has decreased to 10,442,216,206,796 (10.44 trillion) SHIB.
The motive behind this transfer remains unknown at this time, leaving experts and investors curious about its intentions. It’s important to note that long-term investors often stake their tokens to support network security and receive rewards. This unexpected movement of SHIB tokens suggests that the price of Shiba Inu could experience volatility in the upcoming trading sessions.
Following the move, Shiba Inu has lost its 15th position as the world’s largest cryptocurrency by market cap, slipping down to the 17th spot. Currently, Shiba Inu holds a market capitalization of $4,669,120,393 ($4.69 billion).
As of press time, Shiba Inu is trading at $0.000007922, down -0.68% over the past day, with a 24-hour trading volume of $64,758,475 ($64.75 million).