Binance Stakes 4,000,000,000,000 Shiba Inu (SHIB) As Project Details Update On New Layer-2 Blockchain
The world’s largest crypto exchange by volume is betting trillions of Shiba Inu (SHIB) tokens as the canine-themed asset provides updates on its upcoming Layer 2 project.
According to data from whale research platform WhaleAlert, Binance sent a staggering 4 trillion Shiba Inu worth around $35 million at the time of writing to an unknown wallet for betting purposes.
Binance’s move comes after Shibarium developers announced new updates to Shibarium Network, SHIB’s soon-to-be-launched layer-2 scaling protocol, stating that Bone ShibaSwap (BONE) will be the official digital resource used to operate the blockchain and that every transaction on it will burn SHIB tokens.
“While in our last post we wanted to remind everyone that BONE serves as the necessary gas token for operations in Shibarium, we also now want to formally announce that every Shibarium transaction will burn SHIB.”
After BONE was chosen to be the official crypto-asset of the Shibarium Network, its price rose by over 30% in just a few days. BONE rose from a weekly low of $0.916 on January 4 to $1.19 on January 9, an increase of almost 30%.
The crypto asset has since bounced back and is changing hands at $1.14 while SHIB is valued at $0.000009 at the time of writing, a 3.6% drop in the last 24 hours.
Although no official launch date has been set, Shibarium is says traders to keep an eye on the protocol’s beta launch.
“We are focused [on] delivery at this time, stay tuned for further information and as we get closer to the beta launch.”
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