On June 9, Blockchain tracker Whale Alert reported a significant transaction that involved the transfer of 4 trillion Shiba Inu tokens to Binance. The value of this SHIB amounted to $31.7 million and incurred a small fee of just $1.78 before the Shiba Inu price took a dive.
While several reactions have trailed the transaction, market participants pointed out that it increased Shiba Inu’s circulating supply by 1% to 578.9 trillion tokens. The unstaked tokens also reduced the number of staked SHIB tokens to 10.41 trillion, according to Shibburn data.
SHIB Circulating Supply Rises, Value Tanks
The transaction increased the selling pressure on SHIB, falling 18.3% in the past 24 hours to $0.00000648. However, its price performance reflects the general trend in the crypto market during the reporting period.
The recent regulatory troubles facing the major crypto exchanges in the space have dulled the investors’ sentiments and appetite for the industry.
IntoTheBlock data further shows that the price decline increased the percentage of SHIB investors holding at a loss to 89%. According to data from the blockchain analytical firm, the number of ‘SHIB millionaires’ also fell to 1,207.
Shiba Inu Shibarium Transaction Volume Nears 20M
Shiba Inu Shibarium’s Puppynet testnet has seen its total transaction volume rise to nearly 20 million, according to Puppyscan data. During the past week, the network has processed an average of 500,000 daily transactions.
According to Puppyscan, Puppynet has completed 19.58 million transactions and processed 1.2 million blocks as of press time. The average block time is 9.8 seconds, while the network’s wallet addresses are above 16.7 million.
The increased network activity saw its burn rate spike by over 4000% during the last 24 hours to 227.44 million tokens, according to Shibburn.
These numbers suggest that the network is being heavily used and adopted by the SHIB community. Shibarium is an Ethereum-based layer-2 solution built for the Shiba Inu ecosystem. While the mainnet is not ready, the team made its Puppynet testnet available to the public on March 11.
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