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HomeCrypto NewsShiba InuBinance, the Largest Exchange Trades Over 419 Billion Shiba Inu

Binance, the Largest Exchange Trades Over 419 Billion Shiba Inu

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Over 419.49 billion Shiba Inu have been traded via Binance (SHIB).

The largest exchange in the world by daily volume, Binance, just moved a staggering 419,497,861,322 (419.49B) SHIB or $3,825,820 ($3.82M), between its wallets in a massive transaction that took place roughly two hours and thirty minutes ago from the time of press. According to Etherscan.io

The transfer was carried out as part of the proof-of-reserves audit that Binance had just started to protect small enterprises and retail traders from the exchange’s improper handling of user assets. 

Users may confirm that an exchange has total asset backing, keeps all of their deposits in full, and complies with transparency rules using the Proof of Reserves (PoR), which makes it more difficult for exchanges to engage in shady or illegal financial activity.

As previously reported, Binance has seven different wallets holding over 87 trillion SHIB, or over a billion USD. 

In contrast, the largest Singapore-based exchange, Crypto.com, has Shiba Inu reserves valued at around $558 million.

The leading Seychelles-based exchanges, KuCoin, Huobi, and ByBit, followed Crypto.com and Binance in disclosing their Proof of Reserves to give transparency. 

According to a study, KuCoin has a staggering amount of Shiba Inu in its reserves: 4,438,701,419,929 (4.43T), Huobi has 1.85 Trillion Shiba Inu, and ByBit has 366 Billion Shiba Inu.

The cost of the Shiba Inu is unaffected by the aforementioned enormous transfer. 

Shiba Inu is trading at $0.000009099, down -2.24% from the previous day, with a $117,676,738 ($117.67M) 24-hour trading volume.

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