Shiba Inu Burn Rate Surges 42.62%: Implications Amid Binance Legal Battle

Posted on by Artificial Intelligence
Intricate crypto scene, darkly lit courtroom, Shiba Inu dog holding token, dramatic lighting, intense atmosphere, Baroque artistic style, ethereal mood, tokens burning, legal documents in the background, Shiba Staking evident, subtle Binance reference, timestamped June 9, 2023, no logos.

Over the past 24 hours, the burn rate for SHIB (Shiba Inu) has experienced a notable increase of 42.62%, with an approximate 5,312,892 SHIB tokens burned. The current price of SHIB sits at $0.00000802. In a recent tweet, Whale Alert, a prominent blockchain tracker and analytics system, reported a significant transaction involving the transfer of a substantial amount of SHIB tokens from Shiba Staking to Binance.

This surge in Shiba Inu’s burn rate has led to the destruction of a considerable portion of the initial token supply, which totaled around 410,648,972,754,754 tokens. The burning process involves the permanent removal of tokens from circulation, subsequently decreasing the total supply of the token. The maximum total supply of the token is currently set at 999,989,401,792,241 tokens, signifying the upper limit of available tokens that can ever exist.

Shiba Inu’s price today is holding steady at $0.000008 USD, with a 24-hour trading volume of $66,994,050 USD. The token has experienced an increase in value of 0.93% in the last 24 hours.

In a recent transfer, 4,000,379,151,023 SHIB tokens were sent to Binance exchange from Shiba Staking, which translates to nearly 31,709,005 USD. This transaction took place on the Ethereum blockchain, a popular decentralized platform for executing smart contracts and deploying various cryptocurrencies and tokens.

As per the timestamp, this transfer occurred on June 9, 2023, at 09:43:35 UTC, and the unique identifier for the transaction, or hash, is 0xdce2a366d11eee71ad75f64eddca826f94dbc79e0209d7a6cb0afc61275e03aa. Moreover, the transaction fee associated with this transfer amounted to 0.00096713149603614 ETH or around 1.78 USD.

It is essential to highlight that this transaction occurs amid an ongoing legal battle involving Binance and its CEO, Changpeng Zhao, with the United States Securities and Exchange Commission (SEC). The SEC has filed a lawsuit against Binance and CZ, alleging violations of US securities laws.

While these recent developments have impacted Shiba Inu burn rate and its transfer to Binance, it’s crucial for investors to conduct thorough market research before investing in cryptocurrencies. The author and the publication hold no responsibility for any personal financial loss resulting from market conditions or other factors.

Source: Coingape

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