Shiba Inu Coin News: Shiba Inu, the world’s second largest meme crypto price registered a positive upward trend since early 2023. Recent updates to the Shiba Inu ecosystem have played a major role in this price recovery. However, the latest development from Binance, the largest crypto exchange, may send the SHIB token price to the moon.

4 Trillion Shiba Inu Coin Deployed?

WhaleAlert reported that Binance sent 4 trillion Shiba Inu (about $36 million) to an unknown wallet in one transaction.

As we dig in, Shibburn stated that Binance had staked those 4 trillion SHIB tokens using ShibaSwap. This move immediately took approximately $36 million worth of Shiba Inu tokens out of circulation.

Shibburn further added that there was another transaction from un-strike 12.6 trillion Shiba Inu Coin (worth approximately $116.2 million) from ShibaSwap by Binance. However, after this transaction, the largest crypto exchange redeployed 4 trillion Shiba Inu Coin.

Earlier, Shiba Archives announced that Binance has become the largest holder of Shiba Inu. Coingape reported that the world’s largest crypto exchange plans to increase its SHIB holdings. However, this was done in accordance with the deal to acquire Voyager Digital’s assets. Binance added $76 million in SHIB tokens with other assets such as $255 million in Ethereum (ETH).

SHIB fire rate drops by 26%

According to the data, the Shiba Inu Burn rate is down 26% in the last 24 hours. About 27.8 million SHIB were burned during this period.

On the market side, the price of Shiba Inu coins is up 5% in the last 24 hours. SHIB is trading at an average price of $0.000009 at the time of going to press. 24-hour trading volume is up 77% to $450 million.

Coingape reported that Shiba Inu Coin has been ranked as the second most secure crypto project by Blockchain security pioneer CertiK.

Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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