Shiba Inu: Binance Reveals SHIB Reserves and Restores User Confidence
Binance, the world's biggest crypto exchange, has revealed the details of its reserves system to show the large holdings of Shiba Inu (SHIB).
According to their report, as of March 1st, Binance held 76,737,751,676,039 SHIB worth over $843.3 million in net customer balance, while its on-chain balance of 78,546,133,520,601 SHIB is worth more than $863.2 million.
This indicates that Binance has ample reserves to cover all customer withdrawals. Following the FTX crash in 2022, crypto exchanges have been scrambling to provide proof-of-reserve reports to ensure transparency and regain user trust.
Binance released its first proof-of-reserve report in November 2022 and pledged to maintain 1:1 asset security for all its users.
Earlier this week, Shiba Inu’s developers said that the long-awaited Shibarium blockchain is set to release its beta version for the layer 2 network this week.
Attention #SHIBARMY 🚨
We're thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK! 🎉
— Shib (@Shibtoken) March 7, 2023
The introduction of Shibarium may bolster the underlying strength of Shiba Inu, which was established during the previous bull market as a memecoin based on the Shiba Inu theme. Since then, it has attempted to rebrand itself as a legitimate project by creating its own blockchain network and dApp ecosystem.
At the time of writting SHIB is trading at $0.00001125 after gaingin 4.6% in the past 24 hours. Currently the meme coin has a an astonishing market cap of over $6 billion.