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HomeCrypto NewsMarketHere’s How Much Shiba Inu Gate.io Holds Amid Bankruptcy Rumors

Here’s How Much Shiba Inu Gate.io Holds Amid Bankruptcy Rumors


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Amid bankruptcy rumors, prominent exchange Gate.io holds trillions of Shiba Inu (SHIB) tokens valued at millions of dollars.

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In a recent tweet, prominent market tracker Lookonchain brought attention to the staggering amount of Shiba Inu (SHIB) coins held on Gate.io, a popular crypto exchange platform, amid the looming bankruptcy rumors.

The tweet highlighted the updated asset holdings of the exchange, revealing a significant sum of $1.44 billion distributed across six wallets. Among the listed assets, Shiba Inu stood out as one of the prominent exchange holdings, with over 6 trillion SHIB tokens valued at approximately $52 million.

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The news of Gate.io’s alleged financial instability has led to concerns among its users and the broader crypto community. The fact that SHIB remains a substantial part of the exchange’s asset portfolio has raised questions about the potential impact on the SHIB token’s value. 

Reports of Gate.io’s looming insolvency follow Hotbit’s decision to wind down its centralized exchange services. Shiba Inu investors have been advised to withdraw their assets from the exchange before June 21.

Shiba Inu Commands Sizable Holdings on Leading Exchanges

Most top exchanges hold substantial amounts of SHIB due to the sheer magnitude of Shiba Inu investors on their platforms. Earlier this year, The Crypto Basic reported the updated figure of the Shiba Inu tokens held on Binance. The report showed that Binance holds more than ten times the amount of SHIB on Gate.io.

Specifically, Binance controls 78.5 trillion SHIB worth $663,000,000 following a report on its revised Proof-of-Reserves data. 

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Similarly, The Crypto Basic captured a more intriguing report about the amount of Shiba Inu on Crypto.com. The report revealed that SHIB tokens comprised a more significant percentage on the platform than Ethereum (ETH) tokens. The exchange holds over $558 million SHIB. In addition, Uphold’s Shiba Inu balance stands at a more modest figure of 921 billion SHIB.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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