Ethereum

Future

Burn

Kusama

Shiba Inu

<p>The community orbiting the meme-inspired cryptocurrency Shiba Inu ($SHIB) has been in a state of fervor. Recent data from the Ethereum blockchain has unveiled a colossal transaction, a seismic shift that has sent ripples through the $SHIB market. Over 4 trillion tokens, equivalent to more than $31 million, were unstaked and transferred to Binance, a prominent cryptocurrency exchange.</p>
<p>This transaction, akin to an underwater quake, was executed swiftly within an hour and was first pinpointed by Whale Alert, a renowned cryptocurrency whale monitoring service. This service functions as the sonar in the vast ocean of the crypto market, detecting significant movements and providing valuable information to the crypto community.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">🚨 🚨 4,000,379,151,023 <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw">#SHIB</a> (31,709,005 USD) transferred from Shiba Staking to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a><a href="https://t.co/eqntWcrNf0">https://t.co/eqntWcrNf0</a></p>
<p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1667105180020531200?ref_src=twsrc%5Etfw">June 9, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="the-ripple-effect-a-swell-in-circulation">The Ripple Effect: A Swell in Circulation</h2>
<p>The repercussions of this sizable <a href="https://whale-alert.io/transaction/ethereum/0xdce2a366d11eee71ad75f64eddca826f94dbc79e0209d7a6cb0afc61275e03aa">transaction</a> have been far-reaching, causing a swell in the circulating supply of Shiba Inu. With these unstaked tokens reentering the market, the circulating supply of Shiba Inu has expanded by 1%, taking the total supply to a staggering 578.9 trillion tokens. In stark contrast, the number of staked tokens has receded to 10.44 trillion SHIB.</p>
<p>The motive behind this titanic transaction remains shrouded in mystery, as does the identity of the whale who initiated it. The transference to a cryptocurrency trading platform, however, suggests a potential intent to sell, instigating further speculation within the Shiba Inu community.</p>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-23855" src="https://walletinvestor.com/magazinadmin/wp-content/uploads/2023/06/Shib-dump.png" alt="" width="2040" height="1052" srcset="https://walletinvestor.com/magazinadmin/wp-content/uploads/2023/06/Shib-dump.png 2040w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2023/06/Shib-dump-300x155.png 300w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2023/06/Shib-dump-1024x528.png 1024w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2023/06/Shib-dump-768x396.png 768w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2023/06/Shib-dump-1536x792.png 1536w" sizes="(max-width: 2040px) 100vw, 2040px" /></p>
<h2 style="text-align: center;" id="the-destruction-and-creation-token-burn-and-the-shibarium-layer-2-network">The Destruction and Creation: Token Burn and the Shibarium Layer 2 Network</h2>
<p>From its inception, the Shiba Inu <a href="https://walletinvestor.com/forecast/shiba-inu-prediction">currency</a> has witnessed the obliteration of approximately 410.63 trillion tokens, a sizeable portion of the initial supply of 1 quadrillion. The recently launched Koyo token project has fueled the flames of this burning spree, annihilating a staggering 1.49 billion tokens in a solitary transaction.</p>
<p>Shytoshi Kusama, the lead developer of SHIB, shed light on the complex relationship between Shiba Inu&#8217;s price and token burns in a recent telegram chat. Kusama posits that the price of Shiba Inu isn&#8217;t solely governed by burns, suggesting that a confluence of more burns would be required to influence its price trajectory.</p>
<p>In a bid to further elucidate this mechanism, the Shiba Inu team has recently unveiled the intricate workings of the SHIB burn mechanism on the Shibarium Layer 2 network, currently in a beta testing phase. This sophisticated system imposes a fee in $BONE for every transaction occurring on Shibarium. This fee is then ensnared in a contract, with a 30% portion allocated for network maintenance, and the remaining 70% destined for burning. This burn can only be ignited when the contract holds more than 10 BONE, which are then converted into SHIB and incinerated.</p>
<h2 style="text-align: center;" id="the-future-beckons-uncertain-but-intriguing">The Future Beckons: Uncertain but Intriguing</h2>
<p>In the rapidly evolving and unpredictable world of cryptocurrencies, the Shiba Inu coin has proven to be a fascinating study. As the community ponders the implications of recent events, one thing is certain – the Shiba Inu story is far from over.</p>

Trillions of Shiba Inu (SHIB) Dumped by Whales

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