Cryptocurrency exchange giant Binance has swapped stakes to liquidate $75 million in Shiba Inu (SHIB). Meanwhile, Binance CEO Changpeng Zhao (CZ) considered Forbes’ news as FUD. Amid these developments, SHIB performed impressively in the market.
Binance changed from SHIB staking
The crypto exchange reclaimed $100 million worth of SHIB and re-staked $30 million worth of tokens. According to data shared by Arkham Crypto Intelligence, Binance has staked $110.28 million worth of Shiba Inu (SHIB) and re-staked 4 trillion SHIB tokens, which equates to approximately $34.84 million.
Transfers took place on ShibaSwap, leaving $75.44 million or 8.661 trillion SHIB tokens unstaked. Tokens are held in Binance’s 0xf97 wallet. These transactions were also the largest staking transactions in months on ShibaSwap. It’s also unclear whether the event was as positive as perceived by Shiba Inu enthusiasts. Yes, Binance has removed 4 trillion SHIB from the market, but 8.6 trillion replays have not been staked. This poses a potential storm risk in the order book.
As we reported as Kriptokoin.com, in a report published by Forbes on January 9, it was stated that 12 billion dollars worth of crypto money was withdrawn from Binance in the last 60 days. The report also revealed inconsistencies between the exchange’s statements regarding its reserves.
Binance lost $3 billion in assets in a single week in early December. It also equated to 4% of the total asset balance. At the same time, Binance CEO Changpeng Zhao (CZ) assured the community that the amount withdrawn was not even the highest in Binance history and therefore not worth worrying about. However, the report found that the exchange has since lost 15% of its holdings. CZ noticed the report and mentioned it on his Twitter account. CZ told his followers to ignore ‘FUD’, fake news and hacks. .
SHIB acts impressive amid 13 trillion token transfers
The Shiba Inu token rose more than 7% on the day. Thus, it even outpaced its main competitor, Dogecoin (DOGE), by 6%. SHIB has now hit its highest price in more than 30 days. It is currently trading at $0.0000093.
Even more impressive, the price of SHIB in one day is testing both the upper and lower limits of the price corridor where the token has been trading mainly since the collapse of FTX, the most infamous event of November. At the lower end of around $0.00000855 for the token, the token was quickly bought back. Then, at the upper limit at $0.0000096, the Shiba Inu made a false break and returned to the range.