- Shiba Inu (SHIB) inks 29.9% monthly gains upon the decentralization push.
- Crypto whale withdraws 2.28T from Binance, pouring more SHIB into DeFi.
- SHIB faces consolidation, trading above $0.00001 for 8 consecutive days.
The crypto markets were shaken up yesterday by numerous colossal whale transfers spotted by crypto whale-watching agencies. One particular transfer of 2,283,700,000,000 Shiba Inu tokens to Binance sparked a positive reaction from the Shiba Inu community, popularly known as SHIB Army. The whale splashed the 2.28 trillion SHIB coins out of Binance, sending SHIB to an untagged wallet.
SHIB Tokenโs Marketing Lead, Lucie S., remarked that โsmart money understands where the people are,โ referring to the decentralization push by Shibarium developers this year. On the other hand, Binance, the largest crypto exchange around the globe, went through elephantine amounts of trouble in 2023, with the Department of Justice (DoJ) slapping a $4.3 billion fine on the company in November 2023.
SHIBโs Decentralization Plan in Full Swing
According to live on-chain data, the 2.28T SHIB coins are still in the receiverโs wallet, which helps understand the intention of this transaction. Cryptocurrency whales are shifting SHIB from centralized exchanges (CEXs) to decentralized wallets in preparation for SHIBโs DeFi quest.
Sponsored
The full-on decentralization push comes with a previously introduced non-custodial wallet, Shiba Name Service (SNS), and the self-sovereign identity (SSI) infrastructure. SHIB broke the news about applying for a .SHIB top-level domain name, fully regulated by the Internet Corporation for Assigned Names and Numbers (ICANN).
If the application succeeds, the Shiba Inu community will be the first one to have .SHIB domains across all versions of the internet – a huge stride towards mainstream recognition. These bold moves upped the canine coinโs price. Shiba Inu is currently changing hands at $0.00001077, according to CoinGecko.
On the Flipside
- Some crypto enthusiasts on Twitter assert that the 2.28T whale transfer was a โwallet maintenance activity by Binance.โ
Why This Matters
Shiba Inu falls into the category of altcoins that made double-digit profits in the last 365 days and is among the leaders by social mentions.
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