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HomeCrypto NewsMarketCryptoQuant CEO Says Crypto.com’s Shiba Inu (SHIB) Reserve Decreased 16% In 12...

CryptoQuant CEO Says Crypto.com’s Shiba Inu (SHIB) Reserve Decreased 16% In 12 Months 

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CryptoQuant CEO shed light on Crypto.com Shiba Inu holdings in the past year.

Days after Crypto.com revealed that it holds 20% of its reserve in Shiba Inu, a prominent cryptocurrency analyst has shed more light on the exchange’s SHIB holdings over the past 12 months. 

In a tweet today, Ki Young Ju, the CEO of cryptocurrency data platform CryptoQuant, said that over the past 12 months, the number of Shiba Inu tokens in Crypto.com’s reserve has slumped 16%. In a similar development, CryptoQuant CEO also disclosed that the exchange’s Shiba Inu reserve has decreased 88% by dollar value in the past 12 months. 

According to the chart shared by Ju, Crypto.com still holds $505 million worth of SHIB, adding: “Shiba Inu coin reserve is the second biggest, followed by Bitcoin. [SHIB reserve is worth] $505M as of today.” 

Crypto Exchange’s Proof-of-Reserves  

It can be recalled that following the collapse of the FTX exchange, cryptocurrency firms agreed that there was a need for more transparency in the space to build trust among investors. Crypto.com took a major step in this direction by releasing preliminary audits showing its proof-of-reserves. 

Last week, Crypto.com CEO Kris Marszalek said the exchange has a total of $3 billion in its reserves while urging users to expect a fully audited proof-of-reserve of the exchange’s crypto holdings in the coming weeks. 

He added that Crypto.com collaborated with Nansen.com to develop a single dashboard that tracks all assets in the exchange’s wallet. 

Current State of Assets in Crypto.com’s Reserve 

According to Nansen data, the total value of crypto assets in Crypto.com’s cold wallet has slumped from $3 billion to approximately $2.25 billion. Out of the $2.25 billion worth of assets in Crypto.com’s cold wallet, Shiba Inu accounts for $508.7 million (55.96T SHIB), representing nearly 22% of the exchange’s entire reserve. 

Bitcoin remains the exchange’s top holding by dollar value, representing 30.69% of the entire reserve. Ethereum (ETH) accounts for 17.01%, while Tether (USDT) represents 5.85%.   

As reported over the weekend, a spokesperson for Crypto.com explained that the exchange’s proof-of-reserves is dictated by customers’ holdings

“The reason our Proof of Reserves includes Shiba is that we hold customers’ balances 1:1. Thus, our Proof of Reserves is dictated by our customer holdings.” 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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