After the FTX saga, the race among exchanges began to share data on their proof of reserves. Crypto.com, one of the largest exchanges in the world, revealed that it holds 20% of its reserves in Shiba Inu (SHIB).
Now, with the crypto markets taking a beating for most of 2022, the value of the Shiba Inu held by Crypto.com may have undergone a certain change. According to CryptoQuant CEO Ki Young Ju, the amount of SHIB tokens in Crypto.com’s reserve has dropped by 16%. Furthermore, Ju said that the dollar value of the SHIB tokens in the exchange’s possession has decreased by 88% over the past 12 months.
Additionally, Ju stated that the exchange still holds $505 million worth of SHIB and that it is the second largest holding in its reserve after Bitcoin (BTC).
Will Bitcoin, ETH, and Shiba Inu be enough to keep client confidence?
Crypto.com’s Cronos (CRO) is one of the biggest losers over the previous week. This is most likely due to questions over the exchange’s proof of reserves. Most crypto exchanges have promised to disclose details of their crypto balance sheets amid fears of contagion from the FTX collapse.
By monetary value, Bitcoin continues to be the exchange’s largest holding, accounting for 30.69% of the total reserve. Tether (USDT) constitutes 5.85% of the total, while Ethereum (ETH) represents 17.01%.
Moreover, Crypto.com took a hit when it accidentally sent over 300k ETH to Gate.io, another crypto exchange. Many in the crypto community are speculating that the exchanges are sharing their reserves to fill up holes in their balance sheets. Nonetheless, Crypto.com’s massive Shiba Inu holdings did turn many heads.
At press time, Shiba Inu (SHIB) was trading at $0.00000921, up by 4.4% in the last 24 hours. However, the token is down by 22% over the last week and down by 82.9% over the last year.