The crypto market is trying to recover from the recent decline. Amidst these tough times, the largest crypto exchange Binance has published their proof of reserve report. The report shows a 0.27% drop in Shiba Inu holdings. This may seem like a small drop, but it has caused concern among investors and meme coin enthusiasts. The Shiba Army is definitely not happy after seeing this.
A notable drop in SHIB reserves
According to data retrieved in June, Binance had 62.96 trillion Shiba Inu tokens in their reserve. Now, it has dropped to 62.79 trillion tokens. While a 0.27% drop may seem small, it is part of a larger trend. In June, Binance held around 64.8 trillion SHIB tokens. So in two months, SHIB reserves dropped by 3%. This drop is significant and cannot be ignored.
Reports have also been shared for other cryptos. While Shiba Inu holdings fell, Binance’s Bitcoin reserves grew by 1.29% last month, now standing at 613,471 BTC. Ethereum holdings, on the other hand, fell by 0.21%. These changes come from Binance’s monthly proof of reserve reports. Binance began publishing their reserve report in November 2022 to ensure that users keep their assets safe.
SHIB-USDT trading volume
According to CoinMarketCap, the SHIB/USDT trading pair is the 25th most traded pair on Binance. It has a daily trading volume of $85 million. This shows the popularity of SHIB. The decline in SHIB holdings on Binance may be a reflection of broader market changes, but the crypto market is known for its ups and downs. These changes are important indicators for investors, as they remind us that even popular tokens like SHIB cannot escape market movements.
Binance’s evidence reports demonstrate its commitment to transparency and trust. By publishing these reports, Binance allows users to verify their assets on the platform, which builds trust in its operations.
The future?
With SHIB trading at $0.00001368, up around 7% from yesterday, the question is: what’s next for SHIB? The drop in Binance’s SHIB stock is a clear sign of the crypto market’s unpredictability. Investors should stay alert and keep a close eye on these trends to navigate the ever-changing world of cryptocurrency.
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