Whale Alert on Friday reported that 4 trillion Shiba Inu (SHIB) tokens worth millions have been transferred from Shiba Staking to crypto exchange Binance.
The mass unstaking process of Shiba Inu tokens has caused speculation among market players about whether the price of SHIB will fall further or not.
Whale monitoring system Whale Alert in a tweet on June 9 revealed that 4,000,379,151,023 Shiba Inu (SHIB) tokens worth $31,709,005 were de-staked and transferred to Binance.
The Shiba Inu community reacts to the mass transfer to Binance, speculating about the coming price drop. Typically, unstaking millions of SHIB tokens is common. However, trillions of SHIBs being delisted in one transaction creates uncertainty as SHIB tokens can be sold on exchanges.
The Shiba Inu community is now awaiting the main launch of Layer-2 of the Shibarium blockchain, which is expected to be launched later this year. Shytoshi Kusama has hinted at the launch of Shibarium soon but the lack of updates on the main event is affecting SHIB and BONE prices.
Meanwhile, developers are working on other related projects including Shiba Inu Metaverse, cold wallet and SHIB burn.
SHIB price is down 7% this week and 15% in a month. The price is currently trading at $0.00000798. Trading volume has decreased by 21% in the last 24 hours, indicating a decrease in interest among investors.
Meanwhile, the price of BONE fell 2% in the last 24 hours, with the price now trading at $0.79. Trading volume has decreased by 21% in the last 24 hours.
Whale holdings for both SHIB and BONE have decreased, but retail holdings have increased, based on on-chain data.
