According to rumors, the largest cryptocurrency exchange Binance has purchased 75 trillion units from the popular meme coin project, Shiba Inu (SHIB). Binance has reportedly added 75 trillion Shiba Inu coins to its wallet after paying $500 million. The Binance wallet was worth $5 trillion at the time of its purchase. It then rose to $80 trillion in just one day. This transaction has not been verified by Binance.
Did Binance buy from the meme coin project?
Binance’s massive acquisition was initially spotted by a “whale watcher” who reported the transaction on Shiba Inu’s Reddit group r/SHIBArmy along with the Binance wallet number. Despite all the news, SHIB price has remained at all-time lows for the past two months. This has left Shiba fans and enthusiasts wondering whether the transaction actually took place on Twitter.
Also, Binance did not confirm whether they purchased 75 trillion Shiba Inu tokens or transferred them to their wallets via exchanges. The massive acquisition brought a lot of excitement to the Shiba Inu community and gave investors hope that the coin is doing better and will reward investors generously in the long run. Aside from the fact that the event did not have a significant impact on the price, several investors expressed their skepticism.
SHIB price stagnated
The price of the Shiba Inu remained unchanged, although the market rose. SHIB is trading at $0.00000634 at the time of writing. It has lost 1 percent in value in the last 24 hours. cryptocoin.com As we have also reported, Bitcoin’s starting the week with a rise also affected the prices of other altcoins. However, SHIB could not rise as high as these altcoins. Despite the excitement around Shibaswap, the price has only been able to climb 6.9 percent in the last 7 days.
However, the thirty-seventh place by market cap meme coin has a strong community behind it, and time will tell where the price will go. SHIB hit its all-time high on May 10, 2021, when it hit $0.00003791. The cryptocurrency has lost 83.3% since then.
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