Binance holds nearly $1 billion in Shiba Inu.
Binance reserves per CoinMarketCap data show seven wallets holding over 87 trillion SHIB worth over $816 million in reserves at the time of a screenshot by The Crypto Basic. The wallet balance may change with time.
The largest wallet holds about 56.9 trillion SHIB. Notably, the data from CoinMarketCap shows only wallets with holdings worth more than $100,000. Consequently, the exchange’s total Shiba Inu holdings will likely exceed this value.
The total SHIB value seen by The Crypto Basic represents about 1.2% of Binance’s total crypto holdings, an impressive feat by any yardstick.
As previously reported, Crypto.com, a competing crypto exchange, holds about $558 million in Shiba Inu. Per the report, the exchange holds more SHIB than Ethereum, representing nearly 20% of the exchange’s total reserves. So Binance is holding more SHIB than any other exchange as a reserve.
Notably, the statistic took Ethereum’s Vitalik Buterin by surprise. The Ethereum co-founder, while saying he was impressed by SHIB’s market cap, asserted that he did not understand how someone could hold $10 million in Shiba Inu in a perceived jab at the meme coin.
Despite these sentiments, the staggering value of Shiba Inu held by crypto exchanges indicates that the meme coin is still well sought out by retail investors, even with the price of crypto assets declining this year. SHIB is trading 89.2% below its all-time high of $0.00008616, formed in October last year, per CoinGecko data.
While the meme coin may not generate millions in percentage gains for holders this year as it did last year, it bears mentioning that the token has more utility than ever. Remarkably, the project has launched a card collection game this year. In addition, it is working on a Layer 2 solution while actively building its metaverse.