The community behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) has been abuzz after data from the Ethereum blockchain showed that more than 4 trillion tokens worth over $31 million were unstaked and moved to leading cryptocurrency exchange Binance.
The transaction for a breathtaking 4 trillion SHIB tokens, was completed within an hour and was directed to a wallet associated with Binance, and was first spotted by cryptocurrency whale monitoring service Whale Alert.
The repercussions of this sizable transaction are far-reaching. With the addition of these unstaked tokens, the circulating supply of Shiba Inu has grown by 1%, bringing the total supply to 578.9 trillion tokens. In contrast, the number of staked tokens has dwindled to 10.44 trillion SHIB, as shown by Shibburn.com data.
The motives behind the transaction aren’t currently clear, nor is it who was behind it. The move to a cryptocurrency trading platform suggests the whale who unstaked the tokens is looking to sell them.
As CryptoGlobe reported in the past, since the meme-inspired cryptocurrency was launched, around 410.63 trillion tokens have been destroyed, from a total supply of 1 quadrillion. The recently launched Koyo token project has moved forward with a major burn of the meme-inspired cryptocurrency last month, destroying an astounding 1.49 billion tokens in a single transaction.
Shytoshi Kusama, SHIB’s lead developer, recently shared his thoughts on the relationship between Shiba Inu’s price and burns in a telegram chat. According to Kusama, the price of Shiba Inu cannot be influenced solely by burns, and more burns are needed to move its price.
Recently, the Shiba Inu team has unveiled the intricacies of the SHIB burn mechanism on the Shibarium Layer 2 network, which currently operates in beta test mode.
For every transaction that occurs on Shibarium, a fee in $BONE is levied. This fee is locked in a contract, with the team receiving 30% of it for network maintenance, and 70% being burned. Recently shared screenshots indicate that the fee can be burned only when the contract contains more than 10 BONE. Then, the tokens can be converted into SHIB and burned.
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