Binance, known as the world’s largest cryptocurrency exchange in terms of volume, has updated its Monthly Reserve Statement with an internal audit conducted on November 1st. A noteworthy point that caught the attention of crypto and memecoin enthusiasts is that Binance’s reserves include $601.57 million worth of Shiba Inu (SHIB) belonging to Binance customers.
SHIB Price Analysis
The total amount of Shiba Inu held in Binance’s reserves, owned by Binance, is calculated to be 77.48 trillion SHIB. In contrast, customers’ net balance on the exchange is calculated to be 75.19 trillion SHIB.
Considering this situation and comparing the mentioned amounts, Binance’s reserves indicate 103% of the required 1:1 ratio, which is 300 basis points above the required ratio.
Furthermore, the centralized exchange Binance also records the reserve proof on the Bitcoin (BTC) blockchain. As a result, it is possible to access the information simultaneously and clearly at any desired moment through the leading chain. In addition, in November, the Bitcoin block height reached 814,748.
At the time of writing, SHIB was finding buyers at the $0.000008 level. Shiba Inu has also experienced a nearly 5% rise in the past seven days and continues to move in an upward trend for the week. However, SHIB is currently testing a critical price support. A breakdown in this region could deepen the 3.48% losses seen in the past 24 hours.
Who Owns the Largest SHIB?
Interestingly, Binance is also the largest holder of SHIB tokens. The reserves discussed in the article account for 13.15% of Shiba Inu’s circulating supply, which has been divided into different addresses.
In addition, according to data provided by CoinMarketCap, it accounts for 23% of SHIB’s daily trading volume. In just the past 24 hours, Binance has traded more than $50 million worth of Shiba Inu.
In conclusion, the SHIB ecosystem is of great importance to Binance users in order to facilitate their withdrawals. Additionally, Shiba Inu can also be stored in cryptocurrency wallets that support the Ethereum (ETH) network.
