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In terms of trading volume, the world’s leading cryptocurrency exchange Binance recently released its reserve report. Meme coin Shiba Inu (SHIB) is among the platform’s largest assets. However, this summer, Binance experienced a significant drop in its SHIB holdings. At the beginning of June, Binance’s net SHIB holdings were 62.96 trillion tokens, now standing at 62.79 trillion tokens. This indicates a 0.27% decrease over the past month.
A Small But Noticeable Decline Emerges
This decline may seem insignificant at first glance. However, a noticeable trend is emerging. At the beginning of June, Binance held approximately 64.8 trillion SHIB tokens. In two months, the exchange’s SHIB reserves decreased by about 3%. This amount represents a significant number of tokens.
Binance’s Bitcoin holdings increased by 1.29% last month, now standing at 613,471. In contrast, the exchange’s Ethereum holdings decreased by 0.21% over the same period. Since November 2022, Binance has been sharing proof of reserve reports to ensure liquidity transparency. These reports are published monthly to prove that the exchange has sufficient assets to cover its customers’ holdings at a 1:1 ratio.
What is the Volume of the SHIB/USDT Trading Pair?
According to CoinMarketCap data, the SHIB/USDT pair is the 25th most traded pair on the Binance exchange, with a daily trading volume of $85 million. Binance regularly publishes such reports, allowing users to verify the presence of their assets on the platform.
Based on this data, the decline in Binance’s SHIB holdings can be said to reflect the fluctuations in the overall cryptocurrency market. These changes in the cryptocurrency market are an important indicator that investors should pay attention to.
It is also possible to evaluate Binance’s proof of reserve reports in terms of the platform’s commitment to transparency and reliability. Lastly, at the time of writing, SHIB, the number two in the meme coin world, is trading at $0.00001368. SHIB has increased by approximately 7% compared to yesterday at this price level.
