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The world’s largest cryptocurrency exchange is staking trillions of Shiba Inu (SHIB) tokens as dog-themed assets provide updates on upcoming Layer 2 projects.
According to data from whale research platform WhaleAlert, Binance Sent A staggering 4 trillion Shiba Inu worth about $35 million at the time of writing have been sent to an unknown wallet for staking purposes.
Binance Move Comes After Shibarium Developer announced Bone ShibaSwap (BONE) will become the official digital asset used to operate the blockchain, each transaction of which will burn a SHIB token, according to Shibarium Network, the soon-to-be-launched Layer 2 scaling protocol for SHIB. new update.
“In my last post, I wanted to remind everyone that BONE functions as a gas token required for operability within Sibarium, but it’s also official that SHIB is burned for each Sibarium transaction. I would like to make an announcement.”
After BONE was selected as the official crypto asset of the Sibarium Network, its price soared by more than 30% in just a few days. BONE climbed from a weekly low of $0.916 on Jan. 4 to $1.19 on Jan. 9, up nearly 30%.
The crypto has since bounced back, trading at $1.14, while SHIB is valued at $0.000009 at the time of writing, down 3.6% over the past 24 hours.
No official release date has been set, but Sibarium To tell Traders should pay attention to the beta release of the protocol.
“We are concentrating [on] Stay tuned for more information and an upcoming beta release. ”
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