In order to increase transparency into their cryptocurrency holdings after the abrupt collapse of FTX, well-known cryptocurrency exchanges have been publishing verification of their reserves.
Shiba Inu (SHIB), a cryptocurrency based on the Ethereum blockchain modeled after the meme token Dogecoin, is an interesting digital asset held in considerable quantities by most crypto exchanges that have disclosed their proof of reserves.
According to fxcryptonews, shiba Inu makes up roughly 20% of the CryptoCom reserve, which is worth $2.88 billion. Similarly, Binance revealed that it has 87T Shiba Inu coins in reserve.
There are 4.43T Shiba Inu in KuCoin’s Reserve
To further accountability on the holdings of the trading platform, popular cryptocurrency exchange KuCoin has also made the details of its proof of reserve public. According to a recent CoinMarketCap analysis, KuCoin, one of the largest cryptocurrency exchanges, currently possesses 4,438,701,419,929 (4.43T) SHIB across four wallet addresses. KuCoin’s SHIB holdings are currently worth $41.10M at the current exchange rate.
As of press time, the largest wallet has 4.22 trillion SHIB tokens, valued at $39.06 million. The other two wallets hold a minimum of 27B Shiba Inu tokens.
Read article: Shiba Inu Advocate Spends 1.53 million Shib in Fees to Burn 1 SHIB
There are 1.85 million Shiba Inu in Huobi’s Reserve
Besides KuCoin, Binance, and Crypto.com, Huobi is another cryptocurrency exchange with a large quantity of Shiba Inu tokens in reserve. According to CoinMarketCap information, Huobi has 1.85 trillion (1.85T) SHIB units in reserve, which equals $17.16 million at the current exchange rate.
Huobi stores the Shiba Inu tokens in three wallets. A total of $13.21 million worth of tokens, or 1,426,855,556,531, are stored in the largest wallet.
Bybit Shiba Inu Reserve
Compared to other prominent cryptocurrency exchanges, Bybit keeps a sizeable reserve of Shiba Inu tokens. According to CMC statistics, the largest cryptocurrency exchange keeps its SHIB reserve in two wallets totaling 366,688,330,690.01 (366.68B) tokens. Bybit has a $3.39 million SHIB reserve as of this writing.
Notably, the size of users’ balances determines the majority of exchanges’ proofs of reserves. In a report that was released last month, a Crypto.com representative stated:
“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.”
Read more: Shiba Inu Listed On Bitcastle Exchange With Bonus Campaign
The Growth of SHIB Reserves Impresses Buterin
Prominent crypto stakeholders continue to be surprised by the enormous quantity of Shiba Inu tokens maintained as a reserve by top exchanges.
Shiba Inu make up 20% of Crypto.com’s reserve, which is impressive, according to Vitalik Buterin, co-founder of Ethereum, who also noted:
“I do not understand the psychology of someone who holds $10 million in Shiba Inu right now.”
In response to Buterin’s comment, top SHIB proponents criticized him for attacking the canine-themed cryptocurrency.