Shiba Inu (SHIB) Reserve: Which Popular Crypto Exchange Holds the Most?

Shiba Inu (SHIB) Reserve: Which Popular Crypto Exchange Holds The Most?

As most of the popular crypto exchanges around the world are feeling the aftershocks of the FTX-infused crypto thunderstorm, the public trust in CeFi (centralized finance) crypto exchanges is at an all-time low. Hence, bosses of top global crypto platforms are hurrying to reveal their crypto reserves to assure their customers that all transparency measures are being taken.

Firstly, Kris Marszalek, the CEO of Crypto.com, disclosed that the company holds as much as 20% of its reserves in Shiba Inu (SHIB). This might come as a surprise to the crypto investors who use conventional strategies, as SHIB even tops the largest altcoin Ethereum (ETH) in Crypto.com’s stash.

Secondly, the largest crypto exchange around the globe, Binance, also recently revealed its crypto holdings. Apparently, the crypto giant Binance holds around 87 trillion SHIB tokens, which equals $816 million. If compared to Crypto.com’s SHIB reserve, that’s $258 million more. However, SHIB takes up around 20% of Crypto.com’s reserve, while Binance only holds around 1% of capital in the canine crypto asset.

SHIB Gains Recognition in India

Besides, the popular canine coin is loved by Indian crypto exchanges. CoinDCX, the top Indian crypto exchange, holds as much as $14 million of its funds in SHIB. The crypto platform’s CEO Sumit Gupta thinks that providing Proof of Reserves isn’t enough, as publishing the Reserve of Liability on a regular basis is just as important.

Further on, the crypto investors of India tend to favour SHIB, as it became the top traded crypto asset on Indian exchanges this October. This is due to the fact that SHIB’s market price is a lot cheaper than other TOP 20 altcoins and has among the widest communities in crypto.

To illustrate, CoinDCX reported that 5% of all transactions on the crypto platform are SHIB-related. On the other hand, the premier Indian crypto platform WazirX reported the canine currency engagement numbers to be as much as 10% of all transactions.

On the Flipside

Why You Should Care

The popularity of memecoins brings a substantial benefit to the crypto industry, as memecurrencies generate the most social engagement.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.