Whale Alert, a prominent whale monitoring system, has recently reported a massive transfer of Shiba Inu (SHIB) tokens from staking to the leading cryptocurrency exchange Binance. On June 9, approximately 4 trillion SHIB tokens worth $32 million were released, sparking speculation within the community about the potential impact on SHIB’s price.
Typically, unstaking events involving millions of SHIB tokens occur regularly, however, the sheer volume of this latest transaction raises concerns that the market may experience an abrupt liquidity event. As such, the Shiba Inu community is on the edge of its seats, questioning whether a price drop is imminent.
Presently, the community eagerly awaits the launch of the Layer-2 blockchain Shibarium mainnet, which is expected to roll out by year’s end. Lead developer Shytoshi Kusama has hinted at the forthcoming launch, but the lack of updates on this major event has affected both SHIB and BONE prices. In the meantime, developers continue to focus on related projects such as the Shiba Inu Metaverse, cold wallet, and SHIB burn.
In response to the news, SHIB’s price seemingly stumbled, falling 7% this week and 15% over the trailing month. Currently, the token’s price stands at $0.00000798, with a 24-hour low of $0.00000789 and a high of $0.00000800. Moreover, trading volume has dipped by 21% in the same 24-hour period, indicating waning interest among traders.
On the other hand, BONE’s price has dropped by 2% over the last 24 hours, trading presently at $0.79. The token has experienced a daily low of $0.794 and a high of $0.810. Its trading volume has followed a similar trajectory as SHIB, decreasing by 21% within the last day.
Fascinatingly, on-chain data reveals that while whale holdings for both SHIB and BONE have taken a hit, retail holdings have actually increased. This observation contrasts with the prevalent apprehension surrounding this latest transfer, but in the end, the implications of such a significant unstaking event remain uncertain.
Despite the concerns, it is crucial for readers to conduct thorough market research before investing in cryptocurrencies, as opinions expressed by experts may not accurately reflect the market’s ultimate trajectory. In times like these, the importance of individual due diligence and a balanced perspective cannot be overstated.
Source: Coingape
