Shiba Inu: Binance Reveals SHIB Reserves and Restores User Confidence
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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.