Binance Has Acquired Massive 61T Worth of Shiba Inu Tokens, Report Says
In the record for October, the exchange currently holds a net balance of 61,269,444,642,101 (approximately 61.27 trillion) Shiba Inu tokens. Of this total, approximately 59.7 trillion SHIB tokens represent funds secured by Binance customers. Binance maintains a 102.63% ratio of users’ Shiba Inu assets in its net balance.
Additionally, the exchange entrusts 98,196,131,599 (or 98.2 billion) SHIB tokens to a third-party custody service. Consequently, Binance’s exchange balance of SHIB tokens stands at 61.17 trillion as of October 1.
Binance has experienced a reduction in its Shiba Inu balance compared to the previous month. In September, the exchange held approximately 61.456 trillion SHIB tokens, with 59.81 trillion being customer funds. This indicates a decrease of 186.43 billion SHIB tokens over the last month, with customers withdrawing 114 billion tokens.
This reduction is even more significant when compared to the figures from two months ago. In August, Binance held a net balance of approximately 62.8 trillion SHIB tokens, signifying a decrease of around 1.53 trillion Shiba Inu assets in two months.
The trend of consistently fewer tokens on major crypto trading platforms suggests that market participants are either transferring their tokens to other outlets or accumulating them in private wallets for long-term holding.
Shiba Inu Token Drop
Data from CryptoQuant reveals a steady decline in available Shiba Inu assets across all centralized exchanges. A month ago, all tracked centralized exchanges on the platform collectively held 143.31 trillion SHIB tokens. However, the current figure stands at 139 trillion, indicating about 4 trillion fewer available SHIB tokens.
The declining trend of Shiba Inu on Binance is also observed across other assets on the exchange. The October proof of reserves indicates that the exchange saw its Bitcoin holdings decrease by 1.58%, while Ethereum holdings also experienced a 1.37% decrease. Conversely, its native token, BNB, saw a positive change of 2.17%.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
