Binance Purchases 75 Trillion Shiba Inu Coins By Paying $500 Million?

Cryptocurrency trading app Binance has allegedly brought the 'dip' by purchasing 75 trillion coins of Shiba Inu in the largest ever pump the meme-currency has witnessed in 2021.

Reports state that Binance picked up 75 trillion Shiba Inu coins to its wallet by paying a staggering $500 million.

Binance Shiba Inu Cryptocurrency Coin Token

It is reported that Binance' wallet was at 5 trillion and suddenly jumped to 80 trillion in just a day after the purchase.

However, despite the biggest pump, Shiba Inu is still trading in red and slipped -6.56% in the days trade.

The big purchase has added enthusiasm in the Shiba Inu community giving hope to investors that the coin is headed towards better financial days and would reward handsomely in the long run.

The large trade by Binance was first spotted by a 'whale watcher' and posted it on Shiba Inu's Reddit group r/SHIBArmy and also shared the wallet number that belongs to Binance.

Also, a user claimed that the wallet address belonging to Binance might not really be their own purchase but the firm might have transferred thousands of investors tokens to their wallet in the form of exchanges.

Binance buys 75 trillion Shiba Inu coins

"Binance didn't purchase all those tokens. If you open up a Binance account and then you decide to transfer your SHIB tokens to Binance from your private wallet, those tokens show up in Binance's wallet. Binance didn't buy them from you, and you are still the owner of those tokens," said the user.

However, Binance has not given an official confirmation if they have indeed purchased 75 trillion Shiba Inu tokens or transferred them to their wallet in the form of exchanges.

Shiba Inu had recently launched 'Shiba Swap' making it easy for investors to buy coins directly than depend on third-party apps such as Uniswap and Pancake Swap among others that charge fees and deductions sometimes 10% or more, burning a hole in investors pockets.

Shiba Inu, which launched in August, 2020 and now touting itself as the 'Dogecoin killer' was trading at $0.00000626 at the time of publishing and is down -6.56% in the days trade. Investors are eagerly waiting for SHIB to touch the 1 cent mark but the coin is only going backwards since May 2021.