According to the recent development, Binance has been noted by the CoinMarketCap to be holding over 87 trillion SHIB worth over $816 million in reserve as seen in the screenshot attached.
The CoinMarketCap data stated that seven wallets held a whopping amount of SHIB, having the largest wallet holding 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.
Binance holds SHIB more than any other exchange as a reserve
The total value seen from the data represents about 1.2% of Binance’s total crypto holdings. Per the previous report, Crypto.com, a competing crypto exchange, holds about $558 mil; lion in Shiba Inu. It was noted that the exchange holding represents almost 20% of the total reserves. At the moment, the whole analysis revealed that Binance holds SHIB more than any other exchange as a reserve.
The above statistic came as a shock to the CEO of Ethereum, Vitalik Buterin, he was impressed by SHIB’s Market cap and added that he didn’t know how someone could hold $10 million in Shiba Inu in a perceived jab at the meme coin.
Shiba Inu Hold Massively Is An Indication that People Sought For It
However, the whopping value of Shiba Inu by the major exchange indicates that the coins are still very much sought by investors despite the crypto assets declining this year. It is worth noting that the SHIB is trading 89.2% below its all-time high of $0.00008616, formed in October last year, per CoinGecko data.
Although the SHIB has not been doing well over time due to the general crypto market bear, the community of Shiba Inu has been doing well by working on a series of network projects.