June 1, 2023


Your trusted source for crypto news and insights

SHIB Burnout: 800 Billion Tokens Unstaked as Burn Rate Plummets

1 min read

The Shiba Inu community has been abuzz with controversy surrounding the upcoming Shibarium blockchain. Reports have surfaced claiming that the developers of Shiba Inu have copied Rinia, another project, which has led to a significant decline in the value of the SHIB token.

As the market reacted to the news, crypto whales have also made their move, with one moving 800 billion SHIB from staking to an unknown wallet.

According to WhaleAlert’s data, this move by the crypto whale indicates that they have unstacked $8.23 million worth of SHIBs from the program amid the speculation of the Shibarium code being copied.

As a result, the price of Shiba Inu has taken a hit, falling as much as 10% over the last 24 hours. At the time of writing, SHIB is trading at an average price of $0.000010, with its 24-hour trading volume down by 27% to stand at $374 million.

Despite the recent decline in value, Shiba Inu has managed to overtake Tron (TRX) and Litecoin (LTC) in terms of market capitalization, holding a market of $6.1 billion. However, the community remains divided on the allegations of copying, and it remains to be seen how this controversy will play out in the long run.