We are experiencing hard movements in the crypto money world. In an altcoin Shiba Inu, on the other hand, whales do not sit still. A Shiba Inu whale moved 4 trillion tokens to Binance. On the other hand, SHIB has dropped more than 18% in the last 24 hours. Transaction volume of Shiba Inu’s Layer-2 network Shibarium has approached 20 million. Let’s look at the details.
Altcoin Shiba Inu price is in trouble
On June 9, blockchain tracker Whale Alert reported a significant transaction involving the transfer of 4 trillion Shiba Inu tokens to Binance. This SHIB was valued at $31.7 million. Also, the price of the altcoin Shiba Inu only incurs a small fee of $1.78 before the price plunged. Various reactions come after the procedure. Market participants noted that Shiba Inu has increased its circulating supply by 1% to 578.9 trillion tokens. Unstaked tokens also reduced the number of staked SHIB tokens to 10.41 trillion, according to Shibburn data.
This transaction increased the selling pressure on altocin SHIB. Thus, the price of the token fell 18.3% to $0.00000648 in the last 24 hours. However, the price performance reflects the general trend in the crypto market during the reporting period. Recent regulatory issues facing major crypto exchanges in the space have dampened investor sentiment and appetite for the industry. IntoTheBlock data also shows that the price drop has increased the proportion of altcoin SHIB investors at a loss to 89%. The number of ‘SHIB millionaires’ has also dropped to 1,207, according to data from the blockchain analytics firm.
Shibarium trading Volume
According to Puppyscan data, the Puppynet testnet of altcoin Shiba Inu Shibarium has seen its total trading volume rise to nearly 20 million. Over the past week, the network has processed an average of 500,000 transactions daily.
According to Puppyscan, Puppynet has completed 19.58 million transactions at the time of writing. 1.2 million blocks processed. While the average block time is 9.8 seconds, the network’s wallet addresses are over 16.7 million. According to Shibburn, increased network activity has shown that the burn rate has increased by over 4000% in the last 24 hours, reaching 227.44 million tokens. These numbers show that the network is heavily used by the altcoin SHIB community. On the other hand, it also shows the adoption of the network. Shibarium is an Ethereum-based Layer-2 solution built for the Shiba Inu ecosystem. While the mainnet isn’t ready, the team opened the Puppynet testnet to the community on March 11. When we look at Kriptokoin.com, we see that the Bitcoin and altcoin market has decreased significantly. Binance CE stated that it is difficult to reveal clear information regarding the source of the decline.
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