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.
2/5 So, as promised, we are sharing our Proof of Reserves publicly. Our on-chain and off-chain assets with a complete list of wallet addresses is now open to everyone and can be verified with a click of a button.https://t.co/3MJvBm2nq5 pic.twitter.com/g0RsqpTCHm— Sumit Gupta (CoinDCX) (@smtgpt) November 24, 2022
On the Flipside
- Strict policies on crypto in India might be stopping cryptocurrencies from gaining traction in the region.
- SHIB’s market value dropped by 76.8% in yearly terms.
Why You Should Care
The popularity of memecoins brings a substantial benefit to the crypto industry, as memecurrencies generate the most social engagement.
Find out what’s going on in the mercurial world of memecoins: