Three more cryptocurrency exchanges disclose the number of Shiba Inu in their reserves.
Following the sudden collapse of FTX, prominent cryptocurrency exchanges have continued to publish proof of their reserves to provide more transparency into their crypto holdings.
Interestingly, most crypto exchanges that have published their proof of reserves hold a significant amount of Shiba Inu (SHIB), a digital asset built on the Ethereum blockchain and inspired by the meme token, Dogecoin.
As reported by TheCryptoBasic, Shiba Inu accounts for nearly 20% of the CryptoCom reserve worth $2.88 billion. Similarly, Binance also disclosed that it holds 87T units of Shiba Inu tokens in its reserve.
KuCoin Holds 4.43T Shiba Inu As Reserve
Popular cryptocurrency exchange KuCoin has also published details of its proof of reserve to provide transparency into the trading platform’s holding. In a recent CoinMarketCap report, KuCoin’s reserve shows that the leading cryptocurrency exchange holds a total of 4,438,701,419,929 (4.43T) SHIB in four wallet addresses. At the current exchange rate, KuCoin’s SHIB holdings are worth $41.10M.
Out of the four addresses, the largest wallet holds approximately 4.22T SHIB tokens, worth $39.06M at press time. The other two wallets hold a minimum of 27B Shiba Inu tokens each.
Huobi Holds 1.85T Shiba Inu As Reserve
Aside from KuCoin, Binance, and Crypto.com, Huobi is another cryptocurrency exchange with a significant amount of Shiba Inu tokens in its reserve. Per CoinMarketCap data, Huobi holds 1,853,296,059,759 (1.85T) units of SHIB in its reserve worth $17.16 million at the current exchange rate.
Huobi holds the Shiba Inu tokens in three wallets. The largest wallet holds 1,426,855,556,531(1.42T) tokens valued at around $13.21 million.
Bybit Shiba Inu Reserve
Similarly, Bybit is among the top cryptocurrency exchanges holding a significant amount of Shiba Inu tokens as a reserve. According to CMC data, the leading cryptocurrency exchange holds its SHIB reserve in two wallets totaling 366,688,330,690.01 (366.68B) tokens. At press time, Bybit’s SHIB reserve is worth $3.39 million.
Notably, most exchanges’ proof of reserves is determined by the volume of users’ balances. A Crypto.com spokesperson said in a report published last month:
“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.”
Buterin Impressed With Growing SHIB Reserve
Meanwhile, the massive number of Shiba Inu tokens held as a reserve by top exchanges has continued to take top crypto stakeholders by surprise.
Ethereum co-founder Vitalik Buterin said at the recent LABITCONF conference that it is impressive to see Shiba Inu account for 20% of Crypto.com’s reserve, adding:
“I do not understand the psychology of someone who holds $10 million in Shiba Inu right now.”
Buterin’s comment was considered a jab at the canine-themed cryptocurrency, prompting top SHIB proponents to slam him for making such a comment.