"Hmmm, which 'dog' can go up first, SHIB or DOGE?"
This action of the giant cryptocurrency exchange company Binance managed to have a positive impact on the price movement of the second largest memecoin, Shiba Inu (SHIB) since the beginning of 2023 after continuously declining.
It was reported that Binance sent 4 trillion SHIB worth $36 million to an unknown wallet through a single transaction.
According to Shibburn's explanation, Binance has staked the funds using the ShibaSwap decentralized financial platform.
But before staking 4 trillion SHIB, Binance was found to be rapidly releasing around 12.6 trillion SHIB worth $116.2 million from the following platforms.
In the meantime, Shiba Archives which is the most developing non-fungible token (NFT) project has shared the information that Binance intends to buy more SHIB after becoming the largest holder of the memecoin.
As part of its plan to acquire Voyager Digital assets, the company has added $76 million worth of SHIB and $255 million worth of Ethereum (ETH).
Meanwhile, the burning rate of SHIBs decreased by 26% in the past 24 hours, where so far around 29.8 million SHIBs have been burned.
As of this writing, SHIB's price, which gained 5% in the last 24 hours, has shrunk to 0.00007 while its trading volume is up 77% at $450 million.
