Cryptocurrency exchange giant Binance has made a major move by staking 4 trillion Shiba Inu (SHIB) tokens, worth around $35 million at the time of writing. According to data from WhaleAlert, this amount was sent to an unknown wallet for staking purposes.
The news comes as SHIB developers announce new updates to the upcoming Shibarium Network layer-2 scaling protocol. The official digital asset used to operate the blockchain will be Bone ShibaSwap (BONE).
By staking SHIB tokens, Binance is helping to drive the development of this new project. Layer-2 solutions are designed to help with scalability and transaction speeds, which can help with the growth of the cryptocurrency industry.
This news is exciting for many in the crypto community and shows that Binance has a vested interest in helping to grow digital assets. As more updates come out regarding Shibarium Network’s layer-2 update, expect Binance to remain at the forefront.
SHIB has been a popular digital asset in recent weeks, and it is likely that the Binance stake will further increase its value. This could mean big things for SHIB holders and those looking to join the crypto arena. With Binance’s backing, expect SHIB to be one of the top contenders as layer-2 technology continues to develop.
Overall, this news is great for the crypto ecosystem and shows Binance’s commitment to driving innovation. Keep an eye out for more updates on Shiba Inu (SHIB) and Shibarium Network as they continue to make progress with their layer-2 solutions.
It will be interesting to see how this affects the value of SHIB in the coming weeks and months. This could be a big boost to the digital asset’s price, as Binance has now shown its support for the project. With layer-2 technology becoming more popular, expect SHIB to remain on the rise.
At press, Shiba Inu trades at $0.00000925 up by 3% in the last 24 hours. Binance’s move is likely to propel the price of SHIB further in the near future, so investors should keep an eye out for more developments from Shibarium Network and Binance.
Conclusion
Binance’s move to stake 4 trillion Shiba Inu (SHIB) tokens is an exciting development for the cryptocurrency community. This shows that Binance has a vested interest in helping drive innovation and help the digital asset space grow. As Shibarium Network continues to develop its layer-2 scaling solutions, expect SHIB to remain on the rise. With this news, SHIB holders and those looking to join the crypto arena should keep an eye out for more updates.
