An altcoin is booming, seeing million-dollar transfers between Binance and major exchanges. The trading volume in the last 24 hours has increased by over 7% million.
CoinMarketCap’s proof-of-reserve feature reveals surprising results
As Binance CEO CZ announced on Twitter today, a tab has opened through subsidiary CoinMarketCap where central exchanges can publish their proof of reserve (PoR). The highlight here was the data on the high amount of Shiba Inu (SHIB) exchanges have.
.@CoinMarketCap released a new exchange reserve dashboard feature. https://t.co/JRijTsgE6B
— CZ 🔶 Binance (@cz_binance) November 22, 2022
Binance and centralized exchanges hold trillions of SHIB
According to CMC data, the smallest whale of the Shiba Inu turned out to be Huobi. The Justin Sun-backed exchange currently has reserves of 1.43 trillion SHIB, equivalent to $12.3 million. SHIB’s daily trading volume on Huobi is just $570,700.
It is known that KuCoin, one of the emerging exchanges, also holds SHIB reserves with a larger amount than Huobi. Thus, according to the data, KuCoin has 4.24 trillion SHIB reserves, equivalent to $36.56 million. SHIB’s daily trading volume is $2.92 million, and the exchange itself is the fifth largest market for Shiba Inu.
Finally, huge numbers of SHIB funds have been revealed by Binance. According to the report, the crypto giant has 56.93 trillion SHIB in its accounts, equivalent to about half a million dollars and representing more than 10% of the entire current Shiba Inu token supply. Binance was also the number one market for SHIB.
Shiba Inu trading volume rises 7.4 million percent
Data received today from CMC. Meanwhile, the Shiba Inu has witnessed five massive whale operations in the past 24 hours. According to data from CoinMarketCap, Shiba’s trading volume increased by 7.4 million percent during transactions. The reason for the abnormal increase is based on the huge whale transactions that came in during the day…
According to Etherscan, five major transactions involving SHIB have emerged in the last 24 hours. Specifically, Etherscan identified transactions totaling 280 billion, 321 billion and 265 billion SHIB. Another 160 billion SHIB exchanged hands between Crypto.com exchange’s internal wallets. When explaining the proof of reserve, Crypto.com revealed that 20% of its reserves are located in SHIB.
Binance and centralized exchanges trading pushes SHIB price up
The Shiba Inu is currently trading at $0.000008648, up over 2% from the last 24 hours. Accumulation of Shiba Inu (SHIB) by whales accelerated. cryptocoin.com As we reported, on November 19, a whale collected 310.68 billion tokens in a single transaction. Meanwhile, for more than a year, the percentage of SHIB investors rose to 52%, sparking a bullish sentiment among whales. Shiba Inu’s on-chain event marks the upcoming trend reversal.
