Binance stakes 4 trillion SHIB worth $36M

  • Binance exchange makes a bullish move on Shiba Inu token, transacting and staking $36 million worth of SHIB. 
  • Analysts maintain an extremely bullish outlook for Shiba Inu in 2023 despite mild bearish pushback

The new year is unfolding with Shiba Inu standing out as one of the most promising memecoins of 2023. The memecoin has attracted Binance, the leading crypto exchange, which has recently staked a staggering $36 million worth of SHIB.

As noted in some recent tweets by the popular Twitter whale tracker account “WhaleAlert”, Binance reportedly moved 4 million Shiba Inu to an unknown cryptocurrency wallet. The transaction is one of the largest transactions made by a whale account for Shiba Inu this year.

The $36 million worth of SHIB was later staked by the Binance exchange, as disclosed by Shibburn.

Shibburn, a platform dedicated to tracking token burns of Shiba Inu, had paid close attention to the move and explained that Binance staked exactly 4 million Shiba Inu on the DEX exchange ShibaSwap.

Prior to staking the tokens, Binance had also made a Shib transaction worth $116,231,611. The tokens were first staked, and later removed by the crypto exchange shortly after.

The transaction is particularly bullish for Shiba Inu, as the purchase decreases the token’s overall circulating supply.  The more SHIB tokens are taken off the network, the lesser the supply, and the higher the demand for the asset as it becomes even more scarce.

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Can Binance drive the Shiba Inu token to $0.20?

Although Binance’s transaction might not drive the memecoin to the $0.20 price level that is being anticipated by market players, it is left to be seen, where Shib is headed next.

The staked SHIB tokens were only temporarily taken out of the market, as such it is not certain what Binance’s next move will be. But in the meantime, the transactions hint that the exchange is on the bullish side of the market.

It also is worth noting that near-term price predictions for Shiba Inu in 2023, as noted by analyst Changelly is $0.0000088391. The analyst disclosed that the predictions were influenced by the price instability of Shiba Inu at the start of 2022.

Cryptocurrency experts are now predicting that minimum and maximum prices for Shiba Inu later in the year could go up to $0.0000080792 and $0.0000090891 respectively.

At report time, Shiba Inu is valued at a price of $0.000008757, after losses climbed to 5.2% in the last 24 hours.

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Meanwhile, the Shib burn continues, with a total of 17,120,687 SHIB tokens burnt in the last 24 hours. The burn rate is now up 46.44%, bringing Shib’s circulating supply to 589,615,521,307,469 SHIB.

As the burn rate for Shiba Inu continues to increase, supply is bound to drop drastically, and demand for SHIB is poised to skyrocket over the next couple of months. the market might see new hands being ushered in as a result.

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