The biggest cryptocurrency exchange by trading volume in the world is staking billions of Shiba Inu (SHIB) tokens as the dog-themed asset gives updates on its forthcoming layer-2 project.
According to data from the whale surveillance tool WhaleAlert, Binance has transmitted around $35 million worth of Shiba Inu to an unidentified wallet for staking reasons.
Binance’s action follows the announcement by Shibarium developers of new updates to the Shibarium Network, SHIB’s soon-to-launch layer-2 scaling protocol, stating that Bone ShibaSwap (BONE) will be the official digital asset used to operate the blockchain and that each transaction on it will burn SHIB tokens.
“While in our previous article we reminded everyone that BONE is the needed gas token for Shibarium operations, we would now want to publicly disclose that every Shibarium transaction would consume SHIB.”
A few days after BONE was designated as the official crypto asset of the Shibarium Network, its price increased by almost 30%. The price of BONE increased over 30% from its weekly low of $0.916 on January 4 to its high of $1.19 on January 9.
The cryptocurrency has subsequently retraced and is now trading for $1.14, but SHIB is valued at $0.000009 at the time of writing, representing a 3.6% decline over the last twenty-four hours.
Shibarium advises traders to keep a lookout for the beta launch of the protocol, even if no official date has been announced.
“At this moment, we are concentrating on delivery; please stay tuned for further details as our beta launch approaches.”
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