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).
Shiba Inu, a meme coin created by a mysterious entity named Ryoshi in 2020, was designed as a competitor to its rival Dogecoin.
In late 2021, Shiba Inu experienced a remarkable surge of over 60,000,000% in under a year, making it one of the quickest asset price increases on record. Unlike Dogecoin, which operates on its own blockchain, Shiba Inu is an Ethereum-based token that provides its creators with more flexibility in terms of use cases.
Binance reserves
In a recent blog post, Binance stated that it holds more than $63 billion worth of cryptocurrency assets for its customers.
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.
READ MORE: Altcoin Skyrockets Nearly 300% After Big Announcement
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.
Shibarium launch
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! 🎉
Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib! #ShibariumBeta 🦴 pic.twitter.com/0fG3u3mY4S
— 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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
