Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, holds more Shiba Inu (SHIB) than the largest meme coin, Dogecoin (DOGE). Here are the details…
Not DOGE: Binance has 87 trillion SHIB in its wallets
According to CoinMarketCap data, Binance reserves show that a total of seven wallets hold over $816 million in reserves worth over 87 trillion SHIB. It is worth noting that the wallet balance may change over time. The largest wallet has approximately 56.9 trillion SHIB. Data from CoinMarketCap only shows wallets worth more than $100,000. As a result, the exchange’s total Shiba Inu holdings are likely to exceed this value. You can see the wallet addresses and SHIB amounts in the screenshots below:
0xf977814e90da44bfa03b6295a0616a897441acec
0x28c6c06298d514db089934071355e5743bf21d60
0xf977814e90da44bfa03b6295a0616a897441acec
0xdccf3b77da55107280bd850ea519df3705d1a75a
0x3c783c21a0383057d128bae431894a5c19f9cf06
0x8894e0a0c962cb723c1976a4421c95949be2d4e3
0x5a52e96bacdabb82fd05763e25335261b270efcb
Binance holds more SHIB than any other exchange
The total SHIB value represents around 1.2 percent of Binance’s total crypto holdings. Overall, SHIB seems to be a popular asset among exchanges. cryptocoin.com As we reported, another crypto exchange, Crypto.com, is holding approximately $558 million in Shiba Inu. According to the report, the exchange has more SHIB than Ethereum. It also represents about 20 percent of the exchange’s total reserves. So Binance holds more SHIB in reserve than any other exchange. However, it is worth noting that this shows the demand of investors using the exchange.
Even the Crypto.com statistic surprised Ethereum inventor Vitalik Buterin. The co-founder of Ethereum said he was impressed by the market cap of SHIB. He also claimed that he didn’t understand how someone could keep $10 million in a Shiba Inu due to its volatile state. Despite these sentiments, the SHIB on exchanges shows that the meme coin is still sought after by individual investors. Meme coin is not making millions in percentage earnings for its holders this year like last year. However, it is worth noting that the token has more projects than ever before. The project launched a card collecting game this year. He’s also actively working on a layer 2 solution while creating the metaverse.
21 million SHIB burned
Meanwhile, SHIB burning continues. Millions of Shiba Inu tokens have been sent to official dead wallets in the past 24 hours. @Shibburn, a Twitter account that tracks token burns, noted that 21,135,647 (21.13 million) SHIBs have been burned in the last 24 hours. According to the announcement, the tokens were burned in nine different transactions. Despite 21.13 million SHIB tokens being burned, the Shiba Inu’s burn rate has dropped 16.54 percent over the past day. The transaction comes two days after the SHIB burn tracker recorded that 134.95 million tokens were burned in 10 transactions.
In the past 24 hours, there have been a total of 21,135,647 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnzx3T to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) November 25, 2022
As is known, incineration is part of SHIB’s efforts to reduce its supply. Since June 2021, the community has been in an effort to reduce the circulating supply of Shiba Inu to increase the price of the SHIB. This commitment resulted in millions of tokens being burned in different transactions. It’s worth noting that this Shiba Inu burning effort resulted in the removal of 410.38 trillion SHIB from the 1 quadrillion supply.
