The world’s largest crypto exchange by volume is staking trillions of Shiba Inu (SHIB) tokens as the dog-themed asset provides updates on its upcoming layer-2 project.
According to data from whale-surveying platform WhaleAlert, Binance sent a staggering 4 trillion Shiba Inu worth about $35 million at time of writing to an unknown wallet for staking purposes.
Binance’s move comes after Shibarium developers announced new updates to the Shibarium Network, SHIB’s soon-to-launch layer-2 scaling protocol, saying that Bone ShibaSwap (BONE) will be the official digital asset used to operate the blockchain and that each transaction on it will burn SHIB tokens.
“While on our last post we wanted to remind everyone that BONE serves as the required gas token for operability within Shibarium, we also would now like to formally announce that each Shibarium transaction will burn SHIB.”
After BONE was selected to be the official crypto asset of the Shibarium Network, its price shot up by over 30% in just a few days. BONE rose from a weekly low of $0.916 on January 4th to $1.19 on January 9th, nearly a 30% increase.
The crypto asset has since retraced and is changing hands for $1.14 while SHIB is valued at $0.000009 at time of writing, a 3.6% drop during the last 24 hours.
Though no official launch date has been set, Shibarium is telling traders to keep an eye out for the protocol’s beta launch.
“We are focused [on] delivery at this time, please stay tuned for additional information and as we approach our beta launch.”
Generated Image: Midjourney
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