coinculture.com
WhaleAlert reports that Binance delivered 4 trillion Shiba Inu, worth around $35 million at the time of writing, to an unknown wallet for staking.
Binance made this decision when the creators of the Shibarium Network, SHIB’s soon-to-launch layer-2 scaling protocol, declared that Bone ShibaSwap (BONE) would be the official digital currency used to operate the blockchain and be burned for every transaction.
Shibarium Update 🧵
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.
1/2 🧵 pic.twitter.com/zQRoOuL9oW
— Shibarium Network (@ShibariumNet) January 7, 2023
When BONE was announced as the preferred crypto of the Shibarium Network, its value increased by over 30% in a few days. During that period, BONE gained approximately 30%, from its weekly low of $0.916 on January 4 to its high of $1.19 on January 9.
The price of a single SHIB token is currently $0.000009, down 3.6% in the last 24 hours, while a single Bitcoin is $1.14, a loss of 3.6%.
Shibarium is advising investors to keep a lookout for the beta release of the protocol, while no official launch date has been announced.
“We are focused [on] delivery at this time; please stay tuned for additional information as we approach our beta launch.”